Everyone in the market has shifted their opinions to bearish - what we know is we need to act against what everyone else is doing - for this reason I am looking at a potential bottom here
The charts above is the 2017-2018 and 2019-2021 fractal analysis posted about a few weeks ago
The difference being is we have put a long term dynamic support line in a line which we can see has been present in both chart and on both market cycles
On the 3rd image we can see that the long term dynamic support was respected after a long wick down to the previous local high on the weekly chart at $3,000 after this bounce we saw a run to the new ATH at $20,000
We are currently possibly seeing the same pattern - the price on the weekly has broke down below the dynamic support and found support on the previous local high at $42,000 and has since bounced back into the range and could be getting us ready to run up to a new ATH as per the previous fractal analysis done a few weeks ago
Holding that $44,800 dynamic support for the next 5 days until weeks end and not breaking back below $42,000 will confirm the fractal and we will see a strong move up for a bull run continuation
Failure to do so will result in 38k-40k and possibly a run down to 20k
The charts above is the 2017-2018 and 2019-2021 fractal analysis posted about a few weeks ago
The difference being is we have put a long term dynamic support line in a line which we can see has been present in both chart and on both market cycles
On the 3rd image we can see that the long term dynamic support was respected after a long wick down to the previous local high on the weekly chart at $3,000 after this bounce we saw a run to the new ATH at $20,000
We are currently possibly seeing the same pattern - the price on the weekly has broke down below the dynamic support and found support on the previous local high at $42,000 and has since bounced back into the range and could be getting us ready to run up to a new ATH as per the previous fractal analysis done a few weeks ago
Holding that $44,800 dynamic support for the next 5 days until weeks end and not breaking back below $42,000 will confirm the fractal and we will see a strong move up for a bull run continuation
Failure to do so will result in 38k-40k and possibly a run down to 20k