ronfkingswanson
Short

Rinse, Wash, Repeat: the fractal road to 8K

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
(see related ideas below)
Called the 17.2K bulltrap when folks were expecting to unload bags at 18-19K.
Called the 9K low on the second selloff, when folks were clamoring for even more blood.

Now we're repeating the same rebound, retrace, and collapse cycle on this pitchfork . This rally should get stuck under the old yellow triangle bottom, so no more than 14K             . Some will aim for a test of the channel top again (or even breakout to the upside), but bulls are weary of failure, and bears are in a hurry to get this trip south over with (who doesn't love cheap coins?). Expect to see new triangles drawn during this rebound showing how we're going to burst out the top (like the orange and yellow lines did before breaking down last time). Watch the white bear shoulder trendlines , as they provide major resistance (and breakout rally energy). The most recent rebound stalled at 12,800 on that white line (just like before).

Pink arrows show rough sketch of the path to 8K. We'll have bearish Gartleys and Head & Shoulders all over again, fueling the dumps. If anything, now that the bulls have seen th