Bitcoin fractal update
Updated
I have waited with posting this fractal, because i don't like to post everything publicly anymore during low volumes. Gave my reasons for this several times in the past, has not changed. Posted it in my channels today and yesterday, so far still following it. Now according to the fractal, a real move should be closing in now. Also think the high we just had should be the high already. So think we can assume that if the high breaks around 7250ish, this fractal is prob out of play. If we don't, than we should see a move down soon. Big support zone around 7100 (7050)
An update i posted earlier today:
The fractal i posted in both groups is still in play, but it does say we need to stay below this range now. There have been some attempt to break down, but no real volume and getting pushed back up again. This could be a sign, but because of the low volume in general i am not yet ready to give it a lot of value.
Here we can see what looks like an inverse H&S, quite ugly though. Also assuming that channel was real, broke up, retested and now at resistance again. But the longer it takes to break it, bigger the odds become that it will fail and drop again.
We can see the 7100ish is a very big support zone, it was a week ago and so far still is. So think we can assume, that when we see a real break, that we will dump a lot more. Just danger remains, because of the low volume, that we see those trap moves, wicking through reisistance/support and back again.
If 7220ish breaks, see that 7400 zone is the next resistance. So for now think range is 7050/7220 and above it 7400
An update i posted earlier today:
The fractal i posted in both groups is still in play, but it does say we need to stay below this range now. There have been some attempt to break down, but no real volume and getting pushed back up again. This could be a sign, but because of the low volume in general i am not yet ready to give it a lot of value.
Here we can see what looks like an inverse H&S, quite ugly though. Also assuming that channel was real, broke up, retested and now at resistance again. But the longer it takes to break it, bigger the odds become that it will fail and drop again.
We can see the 7100ish is a very big support zone, it was a week ago and so far still is. So think we can assume, that when we see a real break, that we will dump a lot more. Just danger remains, because of the low volume, that we see those trap moves, wicking through reisistance/support and back again.
If 7220ish breaks, see that 7400 zone is the next resistance. So for now think range is 7050/7220 and above it 7400
Note
Normally we see this slow boring movement during the weekend, but the weekend still has to start. OMG this is sooooo boring. After an irritating week thought we finally starting to get some volume and volatility, only to get in to this F boring crap. There is no denying bitcoin is trying to turn up here. From what i can judge, past day only action we got was prob just bots trading this tight range of 30/40 points.
Anyway, looks like an attempt to form an inverse H&S is being made. Normally i would say it's like 70/80% sure it will fail, because of certain reasons, but past weeks we have seen so many nasty moves and stop hunts than with this low volume anything is possible.
As you can see i have drawn a few lines, the first 2 show a slow break, indicating a fake/failure. So only strong break of the neckline could bring us back to 7400ish. Think everything between 7400/50 and 7100/7050 can simply considered as noise.
The fractal is also still in play, as long as 7250ish holds
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