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This is just a quick analysis of what this week’s strong rejection can mean for BTC if indeed we are repeating the main fractal of the 2018 bear market.<\/p>\n
First of all I am not a fan of this formation as we are comparing two periods under largely different parameters. The first was a whole Bear Market span. The second is currently only the start of the new Bull Market.<\/p>\n
However. We do need to consider the following parameters that have been developed already or are in the process to.<\/p>\n
#1 It is the first time the price got truly detached from the 1D MA50.<\/p>\n
#2 First time also it crossed below the MA200 (even marginally by this chart’s standards).<\/p>\n
#3 Nearly reached the low point of the volatile formation before the peak (indicated with the blue ellipse shape).<\/p>\n
So all the above are common factors on both patterns. Under these parameters we may assume that Bitcoin will follow the rest of the pattern (the length unknown) up to a point of a new aggressive sell off to test the low point of the previous volatile formation (indicated with the yellow ellipse shape) which is roughly around $5000. When can that bottom be? It is anybody’s guess but the Halving date can serve just right this purpose before the second bullish phase of the current Bull Market starts.<\/p>\n
What do you think? Is this another crazy fractal or there can be some relevance to it? Please like, subscribe and share your comments, your ideas and charts with me!<\/p>\n
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