BITCOIN $12350 Target hit. Remember this fractal?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin hit yesterday my $12350 as suggested on the following idea last week:

But what's next? The obvious thing to do is keep following this accurate fractal comparison. For that reason I have made an extension of the pattern.

As seen on the chart what followed after Fractal A made its (G) top, it entered into a Channel Down that led to a pull-back almost as low as the (F) Low. A short consolidation succeeded this pull-back, that paved the way to the new Parabolic Rise of Fractal B.

Looking also closely at the LMACD and RSI , they are currently repeating the Fractal A sequences.

Of course every situation is different and BTC doesn't have to follow the exact same pattern. But historically Bitcoin tends to repeat sequences within its long-term cycles.

Do you think this move can be repeated? Feel free to share your work and let me know in the comments section!

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Hey TS... my hunch is that your extension of the pattern is probably not going to be accurate this time around. If you look at the activity since July 21st using BB, you'll see that the entire segment has stayed above the middle band only barely touching it with a couple of tails on Aug 12-13th. That's a very strong pattern that has been sustaining, and it's in the midst of several other strong bullish patterns that have been predominant since the March COVID crash. It also appears we could be poised for a bullish MACD cross very soon. We've also topped the 11,975 close on 8/7/19, and the next resistance sits just above at 12,571 on the 1D Coinbase chart. The wisk on yesterdays candle feel just short of that mark, so it's definitely a point of resistance to be overcome. My sense, all things considered, is that we'll see BTC bust up through that level within the next couple of weeks. If this happens, then we'll be on to test 12,571 and 12,927 resistance levels from July 9 and June 26 last year respectively. Again, I use closing prices to set my levels of support/resistance. Ok, so that said, anything is possible as always!
+2 Reply
TradingShot cosmicnexus
@cosmicnexus, Thanks for sharing your always valuable input Nex! I completely agree with your upper targets, I even expect $14000 in two months tops. But in my attempts to find a worthwhile 'new' accumulation point, I see it difficult not getting a little lower as my chart shows. Today we made a new Low under the level you mentioned, has that changed your perspective slightly? Your input is always greatly appreciated.
+1 Reply
cosmicnexus TradingShot
@TradingShot, it still held above the middle BB (MA20) yesterday, although we did have another tail penetration down through it (BTC/USD 1D Coinbase). Right now the lower BB and the Aug 2 close are just above 11K... so I believe there is a high degree of probability that should it head down further it's NOT going to break down through the 11K level and close there. The Fibs are showing .236 @ 11,350 and .382 @ 10,866 which tend to support this notion, and, the overall trend is still very bullish and so therefore we should be looking in that direction until that trend officially changes.

That does, hwoever, somewhat support your projected drop on the chart... so yah I guess we could get that accumulation opportunity down near 11K, and if so your projected prediction will have been fairly spot on. It will be interesting to see what happens here!
+1 Reply
Dave159408 cosmicnexus
@cosmicnexus, It is happening
That's Cool, This is My BTC Fractal Analysis.

+1 Reply
TradingShot mihansignaal
@mihansignaal, This fits my analysis 100%. We are using practically the same fractal. Wasn't that obvious for most traders last week when I first posted it.
thanks for sharing! this is what I see on BTCUSD :
+1 Reply
@FXCM, Thanks for sharing FXCM. Keep providing good services for use traders.
Thank you for sharing!
+1 Reply
@Astro_, You're welcome Astro!
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