Near term price action using fractals and POC analysis.
According to my analysis, Bitcoin should breakdown sometime tomorrow or Thursday, testing demand at the previous range highs of about $8,350 and consolidating again around that level before a quick recovery back into the current range. A successful recovery would mean that it becomes highly likely that we break up towards the $9,400 levels, which is the .382 level from the 20k top to the 3k bottom.
As you can see, in the white bubble I have drawn, Bitcoins breakdown last night was simply another typical test of the range low after failing to break the POC in its current channel. We just had a break back into the range which means that we will be testing the POC again ( point of control, which is the mid line in my parallel channels). Watch for fake breakouts of the range, we should get one within the next few hours, and another one sometime tomorrow.
Currently scaling out of my alt coins, and looking to buy the bitcoin breakdown around $8,350. Remember, when Bitcoin starts to make moves, it could be because people are scaling back into bitcoin, which also means we could get another impending pump.
Also, Litecoin typically pumps before bitcoin, so I might be looking to long Litecoin in the coming days on a successful recovery back in the current range, if indeed bitcoin follows my fractal play.
This is not financial advice! Just a chart junkie babbling on!
As you can see, in the white bubble I have drawn, Bitcoins breakdown last night was simply another typical test of the range low after failing to break the POC in its current channel. We just had a break back into the range which means that we will be testing the POC again ( point of control, which is the mid line in my parallel channels). Watch for fake breakouts of the range, we should get one within the next few hours, and another one sometime tomorrow.
Currently scaling out of my alt coins, and looking to buy the bitcoin breakdown around $8,350. Remember, when Bitcoin starts to make moves, it could be because people are scaling back into bitcoin, which also means we could get another impending pump.
Also, Litecoin typically pumps before bitcoin, so I might be looking to long Litecoin in the coming days on a successful recovery back in the current range, if indeed bitcoin follows my fractal play.
This is not financial advice! Just a chart junkie babbling on!
Comment:
So far we are following the fractal. Price is testing the previous range lows, which is now resistance. We would need a high volume breakout to get past resistance, which would put us nicely back into the previous range. If that happens, I will be looking for longs back at the range lows.
