Bitcoin bearish fractal Nov 2021
Updated
I feel the bounce of Bitcoin over the last few days has been too fast, although its volatility remains high, with around a 6% daily fluctuation.
The fractal from November 2021 suggests a bearish scenario for Bitcoin going forward until the halving. The bounce seems to be just an ABC retrace wave pattern, suggesting another leg down. If Bitcoin closes red tomorrow, the chance of this pattern playing out will increase.
I will keep you posted!
The fractal from November 2021 suggests a bearish scenario for Bitcoin going forward until the halving. The bounce seems to be just an ABC retrace wave pattern, suggesting another leg down. If Bitcoin closes red tomorrow, the chance of this pattern playing out will increase.
I will keep you posted!
Note
Bitcoin was rejected at USD 72K today. If it starts bleeding from here in the next few days, the chance for this fractal to play out will increase.Note
If Bitcoin cannot hold above 63K in the next few days, the chance for those more bearish scenarios below will increase.
Note
Bitcoin continues its pre-halving correction. The short-term target for a long position is the area around 60K to 62K.Note
Bitcoin followed the plan well, so I initiated my long position today. I will add more if it approaches close to 60K USD. The stop-loss will be set below 60K USD.Note
Bitcoin will likely continue moving sideways until the halving. The best course of action now is to stay away, wait, and see. The market will likely be very choppy in the coming weeks.Trade closed manually
Closing this idea as the one below is tracking better Bitcoin price action so far.
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