BTC: Short Term Fractal - Consolidation Phase in Play?

Updated

Bitcoin may be showing signs of consolidation at these levels and is also painting a similar pattern (fractal) to the previous candles before we had the leg up.

This post is not to indicate whether we are bearish or bullish, it just an observation.

This can possibly indicate that we have bottomed out for the short term if this fractal plays out! In other words, this fractal can lead us to higher levels if we continue to consolidate at these levels, disregarding the immediate white trend line resistance.

While we believe this can be a mere coincidence, the fact that bulls have been resilient for securing the upper 10K levels, we don't want to leave this bullish case out of the book!

Trade Safe,

X Force.

Note

tradingview.com/chart/8E7JUKZJ/

Here is a 4H TF that is also showing a clear right shoulder. This is based on the same fractal. This is merely an observation, and not a clear direction of where BTC will be headed. In other words, the lines are merely to show the overall picture of what we think and can happen.

Note

XForceGlobal

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