Back in January 2015, Bitcoin broke below the 150-Day Weekly MA. Upon breaking back above this trendline in late 2015, we retested a few times in 2016, BUT never broke below it.
My opinion is that we simply became over-extended earlier this year and needed to come back to a more reasonable median price level. It makes sense that we retested the 6K range given its historical price significance in the prior year.
No 2 fractals, or time period's respective price action will be completely identical. However, it is key to note that this year, we broke extremely high above the 150-Day Weekly MA, only to have come back to down to retest BUT not break this same trend line. Additionally, my grey line represents the 2019 long-term trend line that has not been broken.
I find it helpful to zoom out and not pay as close attention to the 4 hour and daily candlestick action.