Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Red ray (-27°) is resistance, however can trigger further growth whenever price crosses above it.
Blue ray (21°) plays role of support. Breaking below it and entering red zone might lead to sharp decline.
Now we are monitoring if the correction will follow the fractal's one, particularly the retracement to 0.618, before continuation of the general growth.
Always zoom out to identify where the fractal specifically comes from.
I bet also on fractals but those from 2018 - weaker and weaker bounces of 6k support.
ReallyMe
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It is interesting but lightning rarely strikes twice in the same place. Likewise, this fractal will most likely not follow the same path in 2020 as in 2016.
fract
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@ReallyMe, You can disagree with the me about the direction BTC is moving towards, or whether particular fractal isn't justified to apply. It's not all about 100% precision, it's rather general awareness where we are heading towards owing to this scheme which is a trap-like signal to oversee the decision of mass market psyche. The real question is to find the right fractal that can be applied to current case. All my fractal ideas have been numbered, I can pick most of them to prove your statement is wrong. The fractal analysis will work in the right hands, especially in combination with regular TA, the right indicators and some knowledge and techniques how it would work together.
ReallyMe
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@fract, Yeah, all good. I didn't mean to question your abilities. All I meant was, that in the end, chance will decide.