Updated

Is Bitcoin repeating the 6k fractal from February?

Comparing this entire move up this month to the move up from Feb 6th low, shows many similarities so far. I have copied over this bar pattern and slightly modified it to conform better to the current price action and it seems to be tracking this fractal pretty nicely so far. I’m not sure that we will see a double top like last time, but I’m still sticking to my original plan which has bitcoin bouncing off the .382 fib retrace around 8.4-8.5k and re-testing either the pink support line (S1) as resistance or re-testing the .618 fib level above that. After that, dropping is possible, but the chances that price action follows this fractal exactly are pretty slim. It seems every time I discover a nearly identical fractal, it falls apart about halfway through so I’m not posting this with any guarantees it will follow through. I’m just posting this as a possibility, because where the fractal lines up with current trend lines and fib levels actually makes a lot of sense for this scenario. I won’t rely on this for my trades and I don’t suggest you do either, but I’m definitely intrigued by it and I’ll be curious to see how it plays out.

Legend:
S1 = Support trend line formed from Sept 2017 low (2.8k) through Feb 2018 low (6k) and beyond.
S2 = Resistance-turned-support trend line formed from the Dec 2017 high (19.7k) through Jan 2018 high (17k) to 11.7k reaction high.
S3 = Support trend line formed from Sept 2017 low (2.8k) through April 2018 lows.

Note

Price seems to be following along the fractal pretty good so far. If the intensity of this drop can sustain itself, this outcome is still very possible. I don't trade off these fractals, but it would be interesting to see if it follows. Currently this drop does correspond pretty well with my TA in my other ideas, so it could give us a glimpse of what to expect

Note

Okay, so it's a little bit off but it's still pretty damn close... 1 month later!! I don't ever expect 100% replication on these fractals, but it would be damn impressive if price at least follows down to the major support like the fractal does. Stay tuned :)

Note

Still tracking nicely. I have adjusted this fractal to better fit the recent price action since I've posted this chart. The picture seems a lot more clear now, here is my idea update:

Bitcoin Continues to Follow the February/March Fractal Pattern

tommyf1001

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tommyf1001