Please Support Small Business And Free Banking!

Bitcoin (BTC) Evening Update: Fractal #4 Potential???

haejin BTC analysis

 

Bitcoin (BTC) currently has three consecutive rounds of downward wedge patterns placed. Each also much smaller than the prior. The below chart depicts a scenario for a Fractal #4. This would bring the price quite proximal to the apex of the blue overarching symmetrical triangle. The sequential decrease in the size of the wedge formation likely reflects the depletion of the seller population. IF the seller population was increasing, I assure you, the Wedge pattern size would be increasing and not decreasing!

Fractal #4 would also jive quite well with the MACD likely to repeat one more cycle of up/down as shown by the blue arrow line. The gist is that both would lean towards a pending breakout. Price would breach the upper blue resistance trend line while the MACD breaches the upper white line. In BOTH, the lower support lien must hold in order for this scenario to remain valid.

The bigger picture still holds the white W bottoming pathway as the primary count. For this, again, the first long term support line needs to hold against any decisive breaching.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.


Leave a comment

Please note, comments must be approved before they are published