Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Hi Guys, I'm looking at the fractal I found yesterday. If you inverse scale and check out the period from the very first red daily candle from ATH (17th Dec) the similarities with recent retrace is quite apparent. Candlestick patterns, Fib levels... even timeline is eerily similar. Of course fractals often work...until they don't :-) but it gives us confirmation that the recent retrace that produced textbook trend reversal (10th July lower high and consecutive lower low yesterday) may be at it's end. The overall sentiment that I observe (mainly on twitter) is bearish. People are adding to existing shorts eying ~8500$ level. Seems only fitting that market would use their shorts to kickstart initial phase of recovery until rekt sellers become candle chasing buyers. I myself prefer to be ahead of everybody calmly observing any chop that's surely ahead on our way to the moon;-) Good luck.