cryptodisco

Could This Fractal Show The Way of Bitcoin?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders,

Looking at the 2015 crash and comparing it to this crash there are a lot of similarities, particularly with the 50MA (Purple) and 200MA (RED).

I have copied the fractal from the end of the 2015 crash and put it on this chart to try and plot Bitcoins course. This isn't perfect as the duration of parts of the 2015 crash are slightly different to this crash bit it gives us a general idea of what to look for.

IF Bitcoin was to move in a similar way to last time then we could have a few months of sideways dumping. Thing to look for here is where the 200MA is going to move to and where the downtrend line is.

IF the price moves down towards the 200MA and downtrend line and other indicators at the time suggest a move up then this could be one of the best buying opportunity's you could ever wish for.

Lets see what happens.

Disco.
Comment: Well the dump has started! I have included a Fibonacci retracement in the chart below. We just got a small bounce with a wick touching the 0.236 fib. The 0.786 Fib looks like it ties in nicely with the 200ma and downtrend line.
Comment: Bitcoin pulled a sneaky move and pushed through the bear div and seems to have cleared the 50MA for now. We are in an area of hard resistance now. The area in red acted as support for 280 days before breaking. The price has come upto this area which is now resistance. I cannot see it breaking first time. https://s3.amazonaws.com/tradingview/sna...
Comment:
Comment: Could be in a broadening descending wedge here.
Comment: Check this out. I have added a Fib time to the chart and the points are landing in very relevant places. I have adjusted the bars pattern a bit and the fractal is literally fitting perfectly with the fib retracement and the fib time which is where I thought we would bounce. Spooky. Thing that bothers me here is we are above the 50MA so not sure what impact that will have.
Comment: Things have changed a lot since I posted this idea. With BTC staying above the 50MA its going for a rally towards the 100MA. I think it will face a brick wall resistance at this point. If the price does start to retrace that 50MA is going to have an interaction with the price again and could act as its support. If that were to happen it would look like a cup and handle.

Comments

@cryptodisco Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
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Let's see how it goes!



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