BTC/USD: A Fractal Perspective on Bitcoin

In this post, I'll be taking a look at Bitcoin's chart, analyzing it from a fractal perspective.
For other analyses on Bitcoin, make sure to check out my other post by clicking the chart below:

Analysis
- We can compare Bitcoin's current 4 hour chart with that of the daily chart in the beginning of 2019
- The fractal starts with a bullish ascending triangle, with the price breaking out upwards
- It re-accumulates in the blue zone, and continues to move upward
- There is a sharp drop, as emphasized by the purple zone, which gets recovered by strong buy pressure
- The price then forms a double top, dropping sharply to form a double bottom
- After forming another lower high, the price drops sharply once again
- As emphasized by the green zone, there is another attempt by buyers to push prices upwards, but they fail to form a higher high
- Should this fractal play out, we could see another lower low form below 30k
- Over the long run, however, the formation of lower highs and lower lows is a phase of consolidation, a bullish flag in formation, awaiting a breakout.

Summary
In summary, Bitcoin's current price action is very similar to that of the beginning of 2019. While it's not a good idea to completely rely on a single fractal for trades, it's certainly interesting to reference it in relation to historical price action.

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