FieryTrading

🔥 Bitcoin Following 2018 Bear Fractal: The Bottom Is In?

Long
INDEX:BTCUSD   Bitcoin / U.S. Dollar
In today's analysis I want to make a case for the idea that BTC has bottomed and that we're likely to see more bullish price action in the future.

The chart speaks for itself.
Yellow: initial dump before capitulation
Purple: sideways low volatility .
Trendlines: they're becoming increasingly steep, indicating bullish movement.

Assuming that we're currently indeed following the 2018 fractal , it's likely that we're going to see more bullish price action in the near future. Potentially we can even move up to $40k or so.

However, we're not out of the woods yet. A couple of days I made an analysis on the stock markets where I argued we could potentially see a capitulation event unfold. If this were to happen, the fractal would obviously not hold up.


Disclaimer about fractals: fractals offer no direct trading opportunities as they are valid until they aren't. However, it's still interesting to look at fractals since they can offer a general idea of the market's direction.


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