FlaviusTodorius67
Long

Bitcoin still bullish: ascending triangle in 4h chart

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Most think of a 2015 fractal repeat, but I have turned from short-term bear to full bull since the massive MA200 break and weekly candle close above it.

I think BTC will go in this push at least to 6500 (lower limit), but as high as 7500 is indeed possible, before any major correction.

We see a nice slow ascending triangle in the 4h chart.
All indicators point also towards the upside, daily stoch RSI now on oversold again.

BTC wants this strong push imho.
Let's see :)
Comment: Probably going to retest support at 5120. Let's see if it holds and the bullish 2012 fractal idea comes to play.
Comment: Aaaaaaaand here we go :)
Comment: And the ascending triangle worked.
Yup, it seems that we on. I was waiting for pull back, but nothing major happened. It seems like re-accum.
+1 Reply
@Mo6e, Yeah, same thoughts here. BTC just doesn't want to do a correction. Not before 6500 at least (lower limit). Good ol' BTC back in shape :)
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Same thinking, chech my XRP comparison of fractals with BTC, the price action is quite similar! I put the link in my idea
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Poukitoun Poukitoun
+1 Reply
Poukitoun Poukitoun
@Poukitoun, Above is XRP, Below is BTC with last section fractal of XRP added to Bitcoin. If this came to be true it would be very interesting to see the future price action of XRP as an indicator for BTC. I don’t expect the fractal to be identical but similar enough which could take the price to the range $6500-7500
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@Poukitoun, Nice find, excellent fractal! Looks like a very promising fractal, let's see how it will turn out. Probably it will be a bit smoother, not quite as volatile as XRP due to the bigger marketcap, but I also suspect something very similar. Thanks for sharing!
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Poukitoun FlaviusTodorius67
@FlaviusTodorius67, thanks :) Yes exactly, I don't expect it to be as volatile as XRP and as you said more smooth. Another scenario is it could be a similar fractal but contained under the 50 WMA. It is interesting to see how some coins are ahead of BTC like XRP and LTC. I guess it is money that flows into different coins at the time to try to catch the wave multiple times. Anyway I will keep an eye to see if this fractal will play out.
+1 Reply
@Poukitoun, Thanks, yes, I will also keep an eye on your fractal idea :) It should in any case be quite similar to the 2012 fractal scenario. Amazing times! I was bearish on BTC until a few weeks ago, but the MA200 break on high volume made me bull. Let's see how high this will go.
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