Bitcoin seems to be obeying this triangle pattern on the weekly time frame.
The top of this resistance line corresponds perfectly to the golden pocket for this retrace.
I see us making it to the golden pocket and getting stopped, only to obey the triangle some more.
Although I could be wrong, it looks like a maximum top of around 7600 for this bounce.
Experimenting with the simple regression trend: drawing a point from ATH -0.20% to current price.
Bitcoin -4.07% has more or less obeyed this trend channel and recently in July it has broken above it and stayed above.
Once we head down to 5379 we may see a bounce in order to keep the bullish narrative and have any chance of breaking above the channel.
If we...
Zooming out is the best strategy to look at long term trends. It looks like ~8400 was the top of our third fractal pattern.
Is it possible bitcoin is forming one massive bull flag? Or will ~5800 break? Either way, it looks like ~5800 is still in play...
Just an thought. Share your ideas below!
First ever attempt at TA. Fib levels probably not extremely accurate. But I’m viewing this as a series of fractals sort of. Double tweezer tops getting rejected by 200ma and a confluence of trend lines. RSI in a down tick.
Looks like a double tweezer top . Getting rejected by 200MA and a confluence of trendlines + downticking RSI. Could this be playing out as a series of fractals? First ever TA
UPDATED: removed FIB levels
Looks like a double tweezer top. Getting rejected by 200MA and a confluence of trendlines. Could this be playing out as a series of fractals? First ever TA
Fractal pattern playing out. One large falling wedge? Trend lines showing a rejection at the current tweezer top wick which coincides with 200ma.
First ever TA attempt
