My mind has been upside down, left side right, diagonal-ized, and mesmerized. Why? Well, can you make out what BTC will do? I spent most of the day trying to look for clues. Alts being pumped followed by bitcoin getting pumped (while alts taking a hit) is always a tell tale sign, during the bear trend, that we should see a bitcoin correction coming. However, if the bull trend has begun this trend might change, right? Well, let us try and figure this out since a lot of TAs are having a hard time at the moment.
If you checked our post from yesterday your initial impression would be, "one last correction inbound". Somebody brought to my attention a post from Dog Pound (@Cryptotrooper), which was similar to the fractal analysis we posted yesterday. Their conclusion was we are moving through this progression 3x faster than the previous progression (progression is the three bottoms plus an accumulation period - something I ignore since it does not happen every time). After looking at CyptoTrooper's analysis I thought that was an impressive statement (the 3x thing) and wanted to find out if I could dig for more clues! What did I find?
Cheeto fingerprints! Yes, clues!!
This pattern has showed itself a lot. Here are 6 that I found. I'm sure if the time-frame was dialed down (4H, 1H, 30MIN) I'd be blowing my brains out with charting. Anyways, note the trend here. The progression is sped up as time has progressed. Potential last correction is around the end of April, near CME futures contract expiration. So keep that in mind people!
stop with it please... some years go up..others go down..others go up and then down...
lazytrade
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I see a relation in your box sizes..as in they are all similar..but I do not see any correlation to the price action?
lazytrade
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@arthax0r, Except a similar downtrend..
DIGITAL-ALPHA
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@arthax0r, btw, thank you for your comment!
DIGITAL-ALPHA
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@arthax0r, first box is a double top with the first bottom reached at the end of the box. The orange box is a steady downtrend without as much volatility, a double bottom is reached (5 of 6 times) by the end of the box. The last box has a third bottom or a new, lower, bottom. That is the three box trend. It is a general pattern that occurs with BTC and one that we are experiencing right now.