Im not usually too big on fractals but this is something I found using recent chart data. The fractal structures are very similar to one another so I thought I'd share with you.
Notice the declining volume on both fractals as well.
Remember we are very close to the daily 200MA (currently at 9.1k) where bitcoin has gotten rejected many times in the past, but at the same time we are trading above the 21 weekly MA which has proven many times to be extremely bullish for bitcoin.
The way I see it is we could still make a move up to that 9-9.2 range before going down, so I may add shorts for now.
Only if we climb up and find support above the 9.1k range will I then begin trading with more of a bullish bias and prepare for new highs.
I don't usually look for these types of patterns but it is just a different perspective that provides more information in order to further mitigate risk and make more educated decisions.
Let me know what you think, safe trading :)
Notice the declining volume on both fractals as well.
Remember we are very close to the daily 200MA (currently at 9.1k) where bitcoin has gotten rejected many times in the past, but at the same time we are trading above the 21 weekly MA which has proven many times to be extremely bullish for bitcoin.
The way I see it is we could still make a move up to that 9-9.2 range before going down, so I may add shorts for now.
Only if we climb up and find support above the 9.1k range will I then begin trading with more of a bullish bias and prepare for new highs.
I don't usually look for these types of patterns but it is just a different perspective that provides more information in order to further mitigate risk and make more educated decisions.
Let me know what you think, safe trading :)