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thetrichter

Scary similar fractal for Link/BTC

Long
ChainLink / Bitcoin (BINANCE:LINKBTC)  
thetrichter Updated   
BINANCE:LINKBTC   ChainLink / Bitcoin
Trend Lines Fractal Wedge
10
3
trendline fractal wedgepattern
Would be crazy if this fractal plays out like last time. Timeframes are a bit different but market structure basically is the same like back in Summer 2019. Both corrections came after setting a new all time high.
Comment:
Nasty wick to the downside which touched the previous cycles´ all-time high at 56500 sats, exactly like in September 2019. If the daily candle closes inside the triangle (>62000 sats) the fractal is still valid. I would only go long here if it closes above the upper trendline (>68000 sats).
Comment:
We got a clear close below the lower trendline. So this idea is not valid anymore. We might be headed towards weekly support levels around 52000 Satoshis.
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