BTC MARKET UDPATE: Yes - it really is happening. Just sayin'....
Even if you don't believe in fractals, this has to be a compelling picture.
As I posted here on October 9 (see "Crazy BTC Mystical Convergences") Bitcoin appears to be repeating the same exact pattern couplet it did in the previous bull-bear market cycle - a descending triangle capitulating into Adam & Eve formation - just on a smaller scale.
We've now had our descending triangle, our capitulation, or Adam, and now our Eve in the form of a falling wedge, which we now appear to be breaking out of at the exact same spot that we broke out of the larger falling wedge back in early Feb. The current falling wedge went lower than the bigger one in Feb., respective to the base formed by the Adam, but nonetheless, we are still following the exact same pattern.
If we're going to keep following it, we should now stall at around this point (8200 area) and go sideways for 2 to 5 days (I'm guestimating times based on the smaller scale - less than half the size - compared to Feb. formation),then get a nice leg up to the top of the Adam at around 8600, then drop back down to 8400 area and go sideways for a few weeks, and then get a big leg up to the 9K area.
Now - here's the most important part:
FEAR.
I see tons of fear going around - everyone talking about 6K and a new bear market, and this is giving me more confidence in this fractal pattern actually playing out. For us to have a truly large move up, the longs-to-shorts ratio, currently at nearly 3, needs to come down closer to a 1.5. But here's the thing: most of the current longs got in at the 5K area, so as price goes up longs should actually be staying around even (maybe only slightly up), and since fear is still high, shorts should be actually coming UP as price goes up (because most retail traders will be seeing a price increase as a shorting opportunity), resulting in an evening out of the longs-to-shorts ratio, would should set us up for the bigger move to the 9K area in a few weeks.
As long as I keep seeing Trading View Ideas about shorting and "WARNING!" and "NEW BEAR MARKET?" on almost every crypto YouTuber video thumbnail, I will stay confident about this playing out. However, if things shift - if everyone starts to believe in the fractal pattern and everyone jumps on the bandwagon and the YouTubers start to talk about a market turnaround, the whales WILL crush us for it, believe me. So... guess I'm saying that I don't want people to agree with me here, haha. It's the way trading works.
As I posted here on October 9 (see "Crazy BTC Mystical Convergences") Bitcoin appears to be repeating the same exact pattern couplet it did in the previous bull-bear market cycle - a descending triangle capitulating into Adam & Eve formation - just on a smaller scale.
We've now had our descending triangle, our capitulation, or Adam, and now our Eve in the form of a falling wedge, which we now appear to be breaking out of at the exact same spot that we broke out of the larger falling wedge back in early Feb. The current falling wedge went lower than the bigger one in Feb., respective to the base formed by the Adam, but nonetheless, we are still following the exact same pattern.
If we're going to keep following it, we should now stall at around this point (8200 area) and go sideways for 2 to 5 days (I'm guestimating times based on the smaller scale - less than half the size - compared to Feb. formation),then get a nice leg up to the top of the Adam at around 8600, then drop back down to 8400 area and go sideways for a few weeks, and then get a big leg up to the 9K area.
Now - here's the most important part:
FEAR.
I see tons of fear going around - everyone talking about 6K and a new bear market, and this is giving me more confidence in this fractal pattern actually playing out. For us to have a truly large move up, the longs-to-shorts ratio, currently at nearly 3, needs to come down closer to a 1.5. But here's the thing: most of the current longs got in at the 5K area, so as price goes up longs should actually be staying around even (maybe only slightly up), and since fear is still high, shorts should be actually coming UP as price goes up (because most retail traders will be seeing a price increase as a shorting opportunity), resulting in an evening out of the longs-to-shorts ratio, would should set us up for the bigger move to the 9K area in a few weeks.
As long as I keep seeing Trading View Ideas about shorting and "WARNING!" and "NEW BEAR MARKET?" on almost every crypto YouTuber video thumbnail, I will stay confident about this playing out. However, if things shift - if everyone starts to believe in the fractal pattern and everyone jumps on the bandwagon and the YouTubers start to talk about a market turnaround, the whales WILL crush us for it, believe me. So... guess I'm saying that I don't want people to agree with me here, haha. It's the way trading works.
