Short term bull move followed by bear continuation #fractals
Short write up today with no indicators, just fractals and chart patterns.
We are currently in a falling wedge that would ideally hit the bottom of the channel (~$8700-8800) at some point in the next 12 hours. Then if we follow the fractal from 3/18-3/28, we may form a lower high near $9500 (optimistically), followed by a break of the bottom channel, retest from the bottom, then failure, ending somewhere in the neighborhood of $7800-8000. This is what I see as the most likely scenario following previous patterns. From that point (a week or more from now), we'll have to decide whether to support the price or allow further decline.
A clear break above the $10k psychological level would likely invalidate this pattern.
***
Overtime: This is just one of a few possibilities. However, a recent weekly time-frame analysis I did that described the general pattern since the ATH noted that breaking out of the bear trend (top blue line) before retouching the bottom support (bottom blue line) was a possibility and to play the break when it happens. The pullback we are seeing now could be a very healthy retest of that breakout before continuing onwards and upwards.
***
Peace and love,
crypt0guy
We are currently in a falling wedge that would ideally hit the bottom of the channel (~$8700-8800) at some point in the next 12 hours. Then if we follow the fractal from 3/18-3/28, we may form a lower high near $9500 (optimistically), followed by a break of the bottom channel, retest from the bottom, then failure, ending somewhere in the neighborhood of $7800-8000. This is what I see as the most likely scenario following previous patterns. From that point (a week or more from now), we'll have to decide whether to support the price or allow further decline.
A clear break above the $10k psychological level would likely invalidate this pattern.
***
Overtime: This is just one of a few possibilities. However, a recent weekly time-frame analysis I did that described the general pattern since the ATH noted that breaking out of the bear trend (top blue line) before retouching the bottom support (bottom blue line) was a possibility and to play the break when it happens. The pullback we are seeing now could be a very healthy retest of that breakout before continuing onwards and upwards.
***
Peace and love,
crypt0guy
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