baileybd
Long

BTC 2015 fractal new highs or multi month correction again

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
A clear and simple look at BTC goes a long way. The one thing BTC loves is diagonal and horizontal support. You can see the channel/broadening wedge it's currently in on how it will not break that channel floor. There is an ascending trendline coming up as support that has confluence with horizontal support around $8700-8900 range. BTC will most likely come down to test these levels before making a decision to hold above $9K or work it's way back to other Fibonacci levels. If we hold above $9300 we can expect a move back above $10K.

Fib levels:
50% - $8400
.618 - $7200

A break of $8400 if it gets down there will most likely send us back down to $6-7K range.

In 2015 we are following almost the exact same fractal so far


You can see we are moving at a faster rate than 2015 as well. Given this we are most likely in the second stage already where it flags out down to .382 before heading even higher.

With all the uncertainty in regulatory action I would like to see BTC take a break and let alts catch up, but this may not happen until the SEC and other governing parties determines the rightful way to approach these utility coins.

Either way, .382 needs to hold for BTC to have a chance to continue up in Q3 of 2019 otherwise we could be headed into another crypto winter as regulation unfolds.

As always if you like what you see please follow my twitter and also join my telegram for ideas. I also run a group on discord that gives trade ideas and daily market updates. Please contact me if you are interested.

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Jul 18
Comment: 5 minutes after this post we wicked below $9300 then pushed with a $1000 candle above $10K. Looks like 2015 fractal is still good.

Jul 18
Comment:

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