For now, I am going to say YES but maybe not completely.
If we look at the shape of the Fractal and what BTC PA is currently doing, it could be said that we have just completed 2 ranges in one go..the little one that Took us below the fractal and the other one that is next up the Fractal line.
But it is the next 8 weeks that will define this fully and for now, so as to not get caught short, literally, I am looking to that Dashed Arrow that comes off the circle.
Noe, I drew that circle back in late Feb ( posted in March ) and PA has just entered it, as can be seen on this Daily version of the same chart ( but with candles and not a line)
https://www.tradingview.com/x/VgSHRksG/
The fact that we have even entered this area tells me that the dashed Arrow is the path PA will take as a route of least resistance and with a possible ATH in Dec of around 322K USD.
That ATH is on the line of resistance drawn from the 2017 ATH and has rejected every Cycle ATH since. ( The line shown on the chart irons out detail but be assured, that line passes throgh the 2021 Nov ATH )
The possibility does exist, thogh gettign slimer, that PA could climb back over the top of the Fractal, though the push to do that would take a LOT of investment... possibly to much now.
So, I will sit happy, looking forward to a 370K -> 322K ATH later in the year..
And it MUST be said, as I always say, Look on both sides. There is a possibility that PA could Drop back to the 80K - > 72K line though I feel this is highly unlikely but we are now entering a zone of strong resistance
Things may get Volatile Soon.
But I would just like to say "THANK YOU" to the 2013 -2017 Fractal. You have taken us on a ride since Nov 2021 and shown us how to do things properly.
And so now.........New Adventures and Horizons await........Onwards and upwards
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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.