Bitcoin Fractal Comparison: Does History Repeat Itself?
1150
In this analysis, I take a technical approach to Bitcoin, providing my own insight on Bitcoin's next potential trajectory based on fractals. I have been referring to this specific fractal for a while now, and I have gained enough confidence to share it with my followers.
Analysis - We can first see that the fractal starts with an uptrend, followed by a bearish divergence - Prices form higher highs, while the Relative Strength Index (RSI) demonstrates lower highs - Prices drop severely, and the RSI is flushed out to oversold territories - Consolidation takes place, and prices break out once again. - After a breakout, distribution takes place, in which we can could bearish Elliott Triangle Waves (abcde) - Prices correct down to the 0.618 Fibonacci support, where it bounces back up once again - Prices then range between the local highs and local lows, with the trend line support intact
Summary I believe that we'd see price range between 17k and 19k regions. While a further downside is possible, based on the current fractals, it seems less probable.
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.