I looked at today's chart and all of a sudden it struck me, i think i have seen this shape before. So i looked back at the 10K rally in April and saw this shape. I had it half a day ago, but thing is. Back then things went much faster than past half year. So the time frame did not feel good. But now when thinking about it again, this rally has been extremely fast, so in that sense, it's actually even good. Just got home so unfortunately not able to post it sooner, but i think it might still be helpful. Also the missing purple circle stopped me from posting this when i saw it earlier today. I used to have enough time to do my research, finding things like these. But past year i unfortunately don't have that luxury anymore. But later this year i will most likely have more time again to do this. Fractals are not always perfect, but they can be amazing road maps sometimes.
Think if we stay below the 7900/7850, it might still be real. If it breaks, than i would forget about it.
Please don't forget to like if you appreciate this :)
Previous fractals:
Commentaire
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Commentaire
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This is bouncing up quite strong now. There was an attempt there few min ago to drop, but selling volume is just too small. Like there are not enough bears in the house. The tables have been turned it seems.
But makes sense, who has the balls to short this market now. So only selling volume is probably just selling and less shorting. The fractal is not completely over yet, but becoming more likely to be a failure. 7800 is a level now i think, found support there and a volume increase, so that level looks to be legit now as a support.
Commentaire
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So made another high even above 8300, invalidating the fractal. But not convinced of it. The highs are getting less high now. From 8000 to 8200, then 8340, both with a 500/600 point dump. So chances are that a temp high is closing on now. We have an important support around 7600. Think the 7800 support still has some value, but i think it has shifted to 7900ish now.
For this possible top formation to break, we need to see a rally above 8500. Still trying to figure out a better road map for Bitcoin, if i have one i will write a normal analysis.
Commentaire
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Maybe i had the details a bit off. Fractals are not exact science, when looking at it now, we should have this now. This does mean, the current move up should stay below the 8000. But what doesn't add up to me to be honest, this fractal says the high is already set. I am not really sure about that, would be much too soon after such a huge rally. You know i am still not convinced of this rally being a real one and not just a big short squeeze. But normally would be much too soon.
Anyway, we have a simple road map with this one, when seeing 8000ish break, we can already forget about it
Likes of XRP, XLM even ETH has slammed down here. Alts look so weak and we don’t even have to mention what level they were at when BTC was 8k? Something just doesn’t add up this time, hence I think we are about to see parabolic move down.
wicksell
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Fibofan
VaidoVeek
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I would like to share my thoughts about the current situation on the market.
The first clean area, curve trendline, breakout confirmations and etc.
BDG
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Are you suggesting we are going to get a 68% pullback like we did in 2018 (chart on left) because the fractals are the same? Down from 10k to 3.2k in 2018?
It would be nice if history did repeat, instead of rhyming. LOL
Movali123
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The big question is will the bears be alive for the rest of the week, need a good red daily close here and things will look healthy for a retracement. The fact the whole market is crying bull run , what better now to finally wreck the longs, if it closes above 8k on tonight’s closure I think we can scrap the logistics here and just long this ponzi
botje11
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@Movali123, hahaha, well i scrapped the logical thinking a week ago, when we just smashed through the 6500/6700 :). This is just crazy and i am actually not trying to figure out what is going on. Just a big short squeeze, nothing more IMO. We will be able to make sense, when volatility drops again
BDG
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@botje11, I don't think it is a short squeeze. OTC have run out of BTC for the mega whales a couple of months ago and now these whales are buying at the exchanges, driving the price up. They are in a feeding frenzy. I suspect these mega whales are working for Wall St so they can acquire enough BTC to sell to their customers at highly inflated prices when Fidelity and Bakkt opens. That is why the Alts are not moving up, because Wall Street will not be selling Alts. At least that is how I see it.