original 2017 bull run Fractal sheds light to where BTC heads
Fractals can be assumed unofficial patterns of past that are not categorized , they are specific to a market or instrument , while in contrast, trading patterns (like a double bottom pattern) are almost general and applicable to several instruments and markets.
Fractals can be great help if apply correctly.
I consider following rules in considering a fractal applicable:
a) Similarity of current market sentiment and a prior fractal .
b) Similarity of current price action status and a past fractal , are both in uptrend, downtrend or in a range.
Considering these fractal from 2017 bull run formed around Sep. 1, 2017 is eligible to show us where btc goes next.
That time like now media attention was high and public interest in this technology and trading was at peak, if you check news that period. Further to this like that time btc was in a powerful uptrend.
So we can tell the next move is a powerful reversal upside and very soon ! now price reached a strong support as in 2017 fractal .
Here is the fractal in 2017:
Current status:
Fractals can be great help if apply correctly.
I consider following rules in considering a fractal applicable:
a) Similarity of current market sentiment and a prior fractal .
b) Similarity of current price action status and a past fractal , are both in uptrend, downtrend or in a range.
Considering these fractal from 2017 bull run formed around Sep. 1, 2017 is eligible to show us where btc goes next.
That time like now media attention was high and public interest in this technology and trading was at peak, if you check news that period. Further to this like that time btc was in a powerful uptrend.
So we can tell the next move is a powerful reversal upside and very soon ! now price reached a strong support as in 2017 fractal .
Here is the fractal in 2017:
Current status:
Comment:
On 3 hour chart now reversal pattern to upside is visible, and still the fractal is in play:
Comment:
A strong resistance is visible around 42000, price action tries to form a double bottom pattern to overcome this by a trip to 30s and backing up, it needs to be seen, one thing is clear, recovery in higher time frame of 1D from south is taking much longer than 2017.
Comment:
Instead of a double bottom at this time we have a symmetric triangle visible in 12 h chart, it seems soon it will test the resistance area of 41000-42000 and if breaks next stop will be 50k .
Comment:
after 3 weeks finally double bottom is formed and price action is ready to begin its trip to north, it seems due to deeper correction relative to 2017 fractal it took much longer to have a reversal pattern, that time it took only a few days. Next major resistance is 50k area, and probably it takes a few weeks for price action to clear that successfully.
Comment:
OK, it took 6 weeks and one more roller coaster ride for price action to position itself in reversal mode again, it seems due to deeper correction relative to previous time (fractal) it took more time to accumulate further to this there is a possibility of some manipulation in market that caused prolonged the accumulation.
look below post:
OK, it took 6 weeks and one more roller coaster ride for price action to position itself in reversal mode again, it seems due to deeper correction relative to previous time (fractal) it took more time to accumulate further to this there is a possibility of some manipulation in market that caused prolonged the accumulation.
look below post:
If the price action follows the fractal, in a few days it jumps up and uptrend resumes.