It's not rocket science - Master BTC Edition
Updated
Fractals can be misleading, we see many of them from both bulls and bears. Trusting a fractal is always tricky, but this here sure looks like the best weekly BTC fractal in a while.
1. BTC breaks the downtrend line with a rally to the 50MA
2. Price reverses at the 50MA and goes down to retest the downtrend line
3. The downtrend line now acts as a support, we make a higher-low and it all begins again
P.S. IMO The BTC cycle seems to accelerate itself (either linear or exponential), so I suspect that the fractal will complete faster and the new ATH would be lower than the one suggested on the chart!
1. BTC breaks the downtrend line with a rally to the 50MA
2. Price reverses at the 50MA and goes down to retest the downtrend line
3. The downtrend line now acts as a support, we make a higher-low and it all begins again
P.S. IMO The BTC cycle seems to accelerate itself (either linear or exponential), so I suspect that the fractal will complete faster and the new ATH would be lower than the one suggested on the chart!
Comment
I have no idea if the market will reverse and head to the 3000 area at the 50MA, I also don't know if there will be a reverse there at all. BTC seems to be heavily overbought, but big volume kicks in, so the chart above can only be used as a reference to last bottom and the following bull run. Such reference can provide 1:1 accuracy or a totally wrong prediction - in both cases comparing present movement with a historic one can be used to draw some conclusions, that can provide helpful background to our other trading mechanisms.
For now, I expect price to reach the 50MA (5700-5800 area) and will watch price-action around the MA to see if it reverses or we break it upward.
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.