Fractal Theory suggests it'd be extremely difficult for Price to cross the red uptrend line and we've already stretched close to the likely Peak Potential. Even the base of this runup is following that Price Trend fractal exactly (red dotted line).
Plus RSI is at the top of the peak downtrend although that white uptrend is likely gonna breakout RSI during the next massive Bull Run.
For now Retrace seems very likely especially with the beautiful Reversal Fractal candle pattern shaping up here.
At this point though I think we'll hold above 28k until another ATH runup, may even rebuy at the red-dotted line depending on how that fractal holds.
Plus RSI is at the top of the peak downtrend although that white uptrend is likely gonna breakout RSI during the next massive Bull Run.
For now Retrace seems very likely especially with the beautiful Reversal Fractal candle pattern shaping up here.
At this point though I think we'll hold above 28k until another ATH runup, may even rebuy at the red-dotted line depending on how that fractal holds.
Note
You can't make this up people, exactly touched the 28k fractal line I had in mind when posting this yesterday...Happened much sooner than expected though!
Data analyst with a passion for best fit lines B)
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Data analyst with a passion for best fit lines B)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.