BITCOIN Test 5k Then 20k
Updated
Please read below
The chart has all of the explanation on it. If you are too lazy to read, here is a summary of what I think:
- Bitcoin will break down from 6k and test 5k
-We will (I hope) bounce off of 5k (or 4k), and if history repeats itself, we will run hard at 10k, then 20k.
All of the text on the chart (excluding callouts) is here for your convenience:
'A fractal is a recurring geometric pattern that is repeated at ever
smaller scales to produce irregular shapes. Not surprisingly, these
patterns can be found in the securities markets where prices and
trends tend to repeat themselves.'
This chart shows a fractal from June 2017. I believe this fractal
can be applied to 2018. They key point in this is that in the fractal,
and over bitcoin price history in general:
PREVIOUS RESISTANCE BECOMES NEW SUPPORT
On the leg up, we see two significant pullbacks.
The resistance point of pullback #1 became support and
price bounced off of it after breaking down from the
descending triangle. The resistance point of pullback #2
became major support which held for 3 tests of the bottom
horizontal in the triangle.
So, as in 2018, price has formed a descending triangle pattern,
with three major tests of the top trendline, all of them rejected.
The fourth test of the horizontal support broke, and became resistance
as shown in the callouts.
So price broke down out of the triangle, and confirmed
that the bottom horizontal has now become resistance
rather than support.
On the run up from the June 2017, fractal, we see
two important pullbacks. As in the 2017 fractal, the
floor of pullback #2 at 6k has provided a very significant
support zone.
Again, as in June 2017, descending triangle has formed with
three major rejections from the top trendline of the triangle.
Here we see 3 instances of the previous resistance/support
at 6k providing strong support for the last 7 months
Don't forget to like and follow as I will be updating this daily.
Good luck everyone.
The chart has all of the explanation on it. If you are too lazy to read, here is a summary of what I think:
- Bitcoin will break down from 6k and test 5k
-We will (I hope) bounce off of 5k (or 4k), and if history repeats itself, we will run hard at 10k, then 20k.
All of the text on the chart (excluding callouts) is here for your convenience:
'A fractal is a recurring geometric pattern that is repeated at ever
smaller scales to produce irregular shapes. Not surprisingly, these
patterns can be found in the securities markets where prices and
trends tend to repeat themselves.'
This chart shows a fractal from June 2017. I believe this fractal
can be applied to 2018. They key point in this is that in the fractal,
and over bitcoin price history in general:
PREVIOUS RESISTANCE BECOMES NEW SUPPORT
On the leg up, we see two significant pullbacks.
The resistance point of pullback #1 became support and
price bounced off of it after breaking down from the
descending triangle. The resistance point of pullback #2
became major support which held for 3 tests of the bottom
horizontal in the triangle.
So, as in 2018, price has formed a descending triangle pattern,
with three major tests of the top trendline, all of them rejected.
The fourth test of the horizontal support broke, and became resistance
as shown in the callouts.
So price broke down out of the triangle, and confirmed
that the bottom horizontal has now become resistance
rather than support.
On the run up from the June 2017, fractal, we see
two important pullbacks. As in the 2017 fractal, the
floor of pullback #2 at 6k has provided a very significant
support zone.
Again, as in June 2017, descending triangle has formed with
three major rejections from the top trendline of the triangle.
Here we see 3 instances of the previous resistance/support
at 6k providing strong support for the last 7 months
Don't forget to like and follow as I will be updating this daily.
Good luck everyone.
Comment
Rejection from intermediate term down trend line.
Trade active
Comment
Small bullish divergence on H4.
Comment
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There is limited time left for this inverse head and shoulders to validate.
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Volatility looks like its about to pick up againComment
???
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getting real tight
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Daily candles are not looking good
Comment
Shorts getting nukedTrade active
here we goComment
Comment
Comment
Testing 6k now
Comment
longs getting nuked while shorts rising rapidly.. hmmm
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