Looking the the start of the 2017 bull run, the first big run up wicked a candle that exactly touched the bottom of the daily EMA. Looking at the current situation, we have the exact same wick down to the bottom of the EMA daily in this first run up of the bull market. This is a crazy coincidence!
Let's play with the idea that we are forming a fractal, which means we should expect 1-2 weeks of sideways action, before another drop down (still targeting the 25K level from my last post). Then we're heading up higher to my next bull run target of 70k.
We are definitely in for a wild ride!
Comment
⋅
Looking a bit more into the current price action, we may also be forming a descending triangle. This gives a lowest target of just under 20k! Wow!
I'll still be targeting the 25K number for accumulation and exiting trades however. I feel like anything below this will be short lived.