Potential BTC Fractal Thoughts (Novice Analysis)
Bitcoin could be printing out a fractal here.
Along with the notes on the chart, the Support and Resistance lines look quite comparable:
-Sharp drop initially creating the bottom of
the wedges, quickly bought up showing a
temporary support zone in both cases
-A fast increase in price afterward then
gets knocked down creating a short term
resistance which sends price to support
before blasting through said resistance
testing a second, higher resistance zone
-Second resistance gets slightly broken
(where we are now, looking to mirror the
occurrences mentioned from here on out
of the first wedge) before being sent
right down to test the S/R flip of first
resistance zone, where the first
bounce looks to be convincing but the second
bearish attempt breaks it down to the initial
support zone
-Support looks to be strong, sends price back
to first resistance and breaks it, S/R flip
once again
-This support tested a last time before shooting
the price through the second resistance on
another parabolic path
Along with the notes on the chart, the Support and Resistance lines look quite comparable:
-Sharp drop initially creating the bottom of
the wedges, quickly bought up showing a
temporary support zone in both cases
-A fast increase in price afterward then
gets knocked down creating a short term
resistance which sends price to support
before blasting through said resistance
testing a second, higher resistance zone
-Second resistance gets slightly broken
(where we are now, looking to mirror the
occurrences mentioned from here on out
of the first wedge) before being sent
right down to test the S/R flip of first
resistance zone, where the first
bounce looks to be convincing but the second
bearish attempt breaks it down to the initial
support zone
-Support looks to be strong, sends price back
to first resistance and breaks it, S/R flip
once again
-This support tested a last time before shooting
the price through the second resistance on
another parabolic path
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