Bitcoin following the Bull Fractal of 2016

Hi everyone!

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Since our last short-term chart, Bitcoin clearly bottomed at the 1D Bollinger Bottom Band at $30,500-29,500 which was a great buy/long. But some weakness presented itself on Friday and Bitcoin could not find the strength to break up to 35,600 before the weekend. This is just temporary hence the detailed chart I am presenting you.

So to compliment the previous short-term chart, I have another fractal to present that came to mind yesterday after waking up from a good night of sleep which is the fractal of 2016 with a similar short-term top and sell off. The fractal points to a potential double bottom at $30,500-29,500 around January 24 through 28 then the continuation of the Megabull slowly and gradually as we head up to $35,600-36,200 then eventually within a month or so to $60,000-62,000.

Best of luck and happy trading!
Carl M.

Trade active:

I think the log version of this fractal makes more sense. But lets be patient and let the consolidation lead the way.

Comment:

Looking good. Holding nicely above $30,500-29,500. Still another day or two before we are ready to reverse up and break out of this chop.