Toying around with the previous market cycle, noticed some similarities in the occurrences of these past 2 M-top formations and decided to see what it would look like if we fell the same percentage that followed on the last smaller one as we did in 2014. Coincidentally (or not) -75% from ATH puts us right around a very strong support and bounce level at $5k. We'll...
$SPX and $DJI exhibiting textbook boom/bust cycle behavior while the $DXY ($USD) suffers among the churning of political turmoil in the background. Hope for the sake of many this doesn't occur but from a pure charts perspective it looks possible.
$BTC / $USD following a very similar pattern as last correction (no surprise). Time for step 8? #Fractals #Fibonacci #Bitcoin #Crypto #BTC. Tight stop below local low and a long here could be profitable. Risk/reward checks out.
What we saw previous to the bull run in April-May could be a potential scenario to what we are seeing play out now. Sideways action right below previous ATH to mimic step 6 until August 1st would not surprise me.