This is a fractal
that i'm noticing in the recent rally on BTC
. After the 1k candle that broke the 5K ice and triggered the parabollic rally it printed a H&S
whitin a channel where we kissed each 1.236 fibonacci extension
of the previous impulse perfectly. The H&S
got invalidated when we broke the upper neckline and the RS
failed. We went back to the head and re-accumulated before breaking the channel to make a parabollic move up. After the run from 6-8k we seem to have printed a similar pattern. Back again a failed H&S
and respect for each 1.236 extension.
The pattern goes like this:
(1) Left-shoulder gets printed
(2) Head gets printed and respects the 1.236 extension of the left shoulder
(3) the right-shoulder gets invalidated and we go to the 1.236 extension of the head, re-accumulate and make a (parabolla) breakout
I'm curious how it will play out, every opinion is welcome!
This is not a buy/long-call, just an analyse of a pattern that i'm noticing