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
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Just like copy and paste!
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There is the breakout! the next 1.236 fits exactly with the may 2018 top of 9970.
I'm playing with the same fractal. Let's get this bulls!
BTCilyKandinsky
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Your 1.236 ext give good confirmation as well. Let's hope it plays out!
justDave
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Nicely spotted, the trend is strong it looks like is ready for a new breakout.
Anoinvest
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@justDave, It more looks like its ready for a big drop
justDave
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@anosinvest, Sure, it's more than possible, divergencies, weekly overbought, short positions rising, open interest on rising, buy orders are fat. Definitely excellent position for the dump. Though your target of 5250 is a bit too early for my taste. This congestion zone from 7600$ to 9500$ is probably 0.618 fibb of the wave. So imo after correction, we go up.