Whole move from March 18th to today (March 27th) is in fact a fractal
of the whole movement between February 6th
- March 18th, nearly identical (look on lower scales than 1d). Last time it ended on 78.6% fibo retracement and now we also fell near to that level (especially on Bitstamp
). Two such fractals one after another, one smaller then previous - creating triangles in smaller and bigger scales. Considering large volume
during trend reversal attempt February 6th
and the fact that price is still moving above linear downtrend line $19.8k - $17k, then sooner or later we should go up from this big triangle.
Moreover downtrend line from ATH
2.69% (linear scale) and local trend line
March 5th - March 24th comined together into interesting channel from which we had many fake exits but still coming back - also a good sign.