You would think by looking at the structure of the wave formation it would be topping right now if not somewhere lower yet buyers are still moving BTC higher and this will continue at least to the 9200 - 9300 range.
One way that I can sense a major pivot point and reversal is by watching the fractal formations. In the case of a topping pattern we will sometimes see the continuous decreasing fractal formation to a point where it just vanishes and then the asset begins to tumble.
With BTC we have seen the massive right shoulder run up past 8000 and now we see the right shoulder of the right shoulder making a high that is higher than what would normally be the top and so on it goes. This bullish right shoulder formation occurs when we have a final third wave phase which I call a blow off top. We can go to 10000 here but my feeling is 9200-9300 we will start to see the brakes coming on with these smaller and smaller fractal patterns appearing. Incidentally if you look back through my charts you will see that I was calling for a 9200 top as far back as Nov 2 when BTC had just spiked up past 7000 and most were calling for a correction.
One way that I can sense a major pivot point and reversal is by watching the fractal formations. In the case of a topping pattern we will sometimes see the continuous decreasing fractal formation to a point where it just vanishes and then the asset begins to tumble.
With BTC we have seen the massive right shoulder run up past 8000 and now we see the right shoulder of the right shoulder making a high that is higher than what would normally be the top and so on it goes. This bullish right shoulder formation occurs when we have a final third wave phase which I call a blow off top. We can go to 10000 here but my feeling is 9200-9300 we will start to see the brakes coming on with these smaller and smaller fractal patterns appearing. Incidentally if you look back through my charts you will see that I was calling for a 9200 top as far back as Nov 2 when BTC had just spiked up past 7000 and most were calling for a correction.
Note
notes if you click on the chart
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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.