Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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When looking at this fractal, we can see the stages are almost identical here. The shapes are maybe not great, but the movement is almost the same.
1) The big rally towards the red zone, making something that looks like a big triangle 2) Breaking upwards, but which becomes a bull trap and we see an ABC correction down (yellow) 3) Then making the parabolic move up 4) Making another bull flag or triangle, just before the next push upwards
Just seeing this one, wanted to post it because of the similarities. But i have not checked anything else, for example what shape the alts were in and the volume profile. I will look at those things tomorrow. So see this fractal post separate from the normal Bitcoin analysis. Where anything is still possible and the levels (support and resistance) there still count.
Another touch of 9400/80 will make a break up likely. But when volume stays low at a possible break out, so when it doesn't show a significant increase, the chances for a Bart move down will be very high! The attempt to break up a few days ago, with the high at 9480 had to little volume and that's why it got pushed back down again.
Maybe good to keep an eye out for, is the bull flag of ETH. In my ETH analysis i showed a possible bull flag in the making, which has been playing out almost perfect so far. So at this point no reason to doubt it yet. What is important with ETH now, because the market is at these highs, that IF a break out happens, it needs to be a big rally and not a slow move up. So doesn't need to be a huge spike, but a good convincing and fast rally up. If that doesn't happen for ETH, things will remain very dangerous IMO. Because when looking at other alts, they are really not believing in another big rally from Bitcoin, at least not yet.
Please don't forget to like if you appreciate this :)
I literally just posted this on your comments yesterday and asked what you thought about it haha thanks for your answer to this, I was wondering what your thoughts were on it
botje11
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@tommyf1001, I see it now yes :), that chart i posted there, was already it, but bigger picture without looking at the details
CryptoManiac101
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PainKillers756
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Hey David, great TA as always.Thanks for sharing !
BTW, how can I improve the Pattern&Fractal identification capability? Could you give me some suggestions with the exception of "To learn from the money loss of trading...” .Thanks.
Painkillers
D4rkEnergY
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Well done Botje as always
What a HIT! 3rd time in a row - BULLS EYE. MUST SEE...
Boon2
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This is how i'm looking at it. BTCUSD H4 Running Flat In Wave X.
UnknownUnicorn4369375
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Sir check this fractal :) worked 8 times!!
BDG
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The 2 charts look very similar. You would think they would change their algorithm the 2nd time around, especially when the pattern is repeating only 6 weeks apart. LOL