I've posted this fractal pattern previously, and I wanted to update it with some targets in mind.
Typically the pattern has been, a large retracement occurs, which then forms a triangle pattern, and then another deeper retracement occurs, thus by measuring the initial high to the lowest part of the triangle, then using that percentage and applying to the deeper retrace, based off the apex of the triangle as a starting point, would offer the lower target range. However, in this fractal pattern from BLX, you'll notice that the retracement went deeper, so in "pink", I offer another possible lower target as an option.
For me, BTC really needs to hold the $6500-$6600 area...that is my original target, but a true comparison would leave me with the idea to be open to a much lower target nearing the 5500 area.
Could it be complete without hitting the targets? Yes! But, the targets often times are very reliable.
Cheers!
Typically the pattern has been, a large retracement occurs, which then forms a triangle pattern, and then another deeper retracement occurs, thus by measuring the initial high to the lowest part of the triangle, then using that percentage and applying to the deeper retrace, based off the apex of the triangle as a starting point, would offer the lower target range. However, in this fractal pattern from BLX, you'll notice that the retracement went deeper, so in "pink", I offer another possible lower target as an option.
For me, BTC really needs to hold the $6500-$6600 area...that is my original target, but a true comparison would leave me with the idea to be open to a much lower target nearing the 5500 area.
Could it be complete without hitting the targets? Yes! But, the targets often times are very reliable.
Cheers!