BillCharison
Long

#BITCOIN - Found a Bullish Fractal, Worth Consideration

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin has successfully broke through the support of the ascending channel = worked out. Now we forget about this channel, it is not valid anymore. Priority changes to upwards again.

Talking about the real market state, we found a very interesting trend line which follows the price for already two months (don't mess it up with the support of the previous ascending channel ). We found a fractal which is based on this trend line , but firstly didn't consider one as a trustworthy. Today I took a look at it again, and now it looks much more interesting than before.

Steps of the fractal:
  • 1. Fake breakdown of the trend line
  • 2. Return backwards and consolidation there
  • 3. Real breakdown of the trend line
  • 4. Formation of a pattern which looks very similar to a cap with handle
  • 5. Upwards breakout of the trend line , then accumulation phase and pump

This fractal perfectly suits the current state of the market: at the moment we are located at the step 5 - accumulation phase before another rush to $10000. This time we can expect a successful breakout of this resistance level . The fractal responds to all market rules: breakout, reaching the next major resistance and a correction downside to $10000.

Summary: if we don't break the $9200 - $9300 support in the close future, we can expect a continuation of the accumulation phase and then breakout of $10000 level.

What do you think about my idea? Are you agree or disagree? Share your thoughts and critics in comments!
Comment: The scenario is working.
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Comments

Now, sit back and watch how the coming stock market sell off drags BTC back to $5,000 and lower.
+6 Reply
BillCharison Acemoisan
@Acemoisan, Yeap!
Reply
Excellent Analysis And very well explained..interesting things
+2 Reply
BillCharison MattFrederick
@MattFrederick, thank you very much
Reply
Such bs
+2 Reply
nice analysis
keep it up.
How does it translate into entering a trade position to consider?
+2 Reply
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