As I was searching for fractals/similar market structures as bitcoin is showing right now I came across this gold chart from the 1970's.
Now when you take a look at this chart there are a lot of similarities.
1. You can see the first top which later on becomes the support area in both charts.
2. Then we see the market creating a top and failing to make a higher high on both charts.
3. On both charts we can see the market sell off after being unable to create a higher high.
4. We then find support on the area where the first top was created.
Now I'm not saying BTC will do the same, but you have to admit this all looks very similar.
On top of this you can see a very similar RSI structure and Ichimoku Cloud structure.
After gold had found its support it went on with an even bigger rally, eventually setting in a real top for that bull cycle. You can see this on the gold chart if you zoom out.
Now if Bitcoin will follow this fractal I believe we will see 100k+ prices within the next few months.
Now when you take a look at this chart there are a lot of similarities.
1. You can see the first top which later on becomes the support area in both charts.
2. Then we see the market creating a top and failing to make a higher high on both charts.
3. On both charts we can see the market sell off after being unable to create a higher high.
4. We then find support on the area where the first top was created.
Now I'm not saying BTC will do the same, but you have to admit this all looks very similar.
On top of this you can see a very similar RSI structure and Ichimoku Cloud structure.
After gold had found its support it went on with an even bigger rally, eventually setting in a real top for that bull cycle. You can see this on the gold chart if you zoom out.
Now if Bitcoin will follow this fractal I believe we will see 100k+ prices within the next few months.
Comment:
Price bounced the day after I posted this, let's see what happens in the upcoming days.
Comment:
So far so good :)