Bitcoin (BTCUSD, XBTUSD) refit 2018 fractal + support trendline
The fractal is just a guide. It fits a bit, so far.
You can see clearly how this trendline acted as the main resistance/support of this 2019 pump.
In addition the point where the price crosses over in May represents roughly the half way point in terms of percentage gain. From Feb to mid-May approx +100%, and then from mid-May to to top approx +100%.
If the trend breaks, which really doesn't seem entirely unlikely, I expect Bitcoin to retest lows in the 3 to 5 k range in time. Maybe next year even.
You can see clearly how this trendline acted as the main resistance/support of this 2019 pump.
In addition the point where the price crosses over in May represents roughly the half way point in terms of percentage gain. From Feb to mid-May approx +100%, and then from mid-May to to top approx +100%.
If the trend breaks, which really doesn't seem entirely unlikely, I expect Bitcoin to retest lows in the 3 to 5 k range in time. Maybe next year even.
Commentaire:
Just wanted to say this isn't a bearish position; I'm still optimistic, but watching this particular trend.
Commentaire:
Fitting a fib channel to the log chart
Commentaire:
This is essentially what I was hoping for bullish continuation. It is the 2016 breakout fractal. We were following the top on the trend line that is why it was so hard for bears to break, but obviously it's gone. I don't think we will break above anymore - potential retest maybe...
