BTC/USD: A Fractal Perspective on Bitcoin
In this post, I'll be taking a look at Bitcoin's chart, analyzing it from a fractal perspective.
For other analyses on Bitcoin, make sure to check out my other post by clicking the chart below:
Analysis
- We can compare Bitcoin's current 4 hour chart with that of the daily chart in the beginning of 2019
- The fractal starts with a bullish ascending triangle, with the price breaking out upwards
- It re-accumulates in the blue zone, and continues to move upward
- There is a sharp drop, as emphasized by the purple zone, which gets recovered by strong buy pressure
- The price then forms a double top, dropping sharply to form a double bottom
- After forming another lower high, the price drops sharply once again
- As emphasized by the green zone, there is another attempt by buyers to push prices upwards, but they fail to form a higher high
- Should this fractal play out, we could see another lower low form below 30k
- Over the long run, however, the formation of lower highs and lower lows is a phase of consolidation, a bullish flag in formation, awaiting a breakout.
Summary
In summary, Bitcoin's current price action is very similar to that of the beginning of 2019. While it's not a good idea to completely rely on a single fractal for trades, it's certainly interesting to reference it in relation to historical price action.
If you like this post, please make sure to like, and follow for more quality content!
If you have any questions or comments, feel free to comment below! :)
For other analyses on Bitcoin, make sure to check out my other post by clicking the chart below:
Analysis
- We can compare Bitcoin's current 4 hour chart with that of the daily chart in the beginning of 2019
- The fractal starts with a bullish ascending triangle, with the price breaking out upwards
- It re-accumulates in the blue zone, and continues to move upward
- There is a sharp drop, as emphasized by the purple zone, which gets recovered by strong buy pressure
- The price then forms a double top, dropping sharply to form a double bottom
- After forming another lower high, the price drops sharply once again
- As emphasized by the green zone, there is another attempt by buyers to push prices upwards, but they fail to form a higher high
- Should this fractal play out, we could see another lower low form below 30k
- Over the long run, however, the formation of lower highs and lower lows is a phase of consolidation, a bullish flag in formation, awaiting a breakout.
Summary
In summary, Bitcoin's current price action is very similar to that of the beginning of 2019. While it's not a good idea to completely rely on a single fractal for trades, it's certainly interesting to reference it in relation to historical price action.
If you like this post, please make sure to like, and follow for more quality content!
If you have any questions or comments, feel free to comment below! :)
🔴 Premium Newsletter: mikebwang.com/newsletter
🟢 TA Education: mikebwang.com/tacourse
🟡 Community: mikebwang.com/theinsiders
🟣 YouTube: youtube.com/investingwithmike
🔵 Twitter: @michael_b_wang
🟢 TA Education: mikebwang.com/tacourse
🟡 Community: mikebwang.com/theinsiders
🟣 YouTube: youtube.com/investingwithmike
🔵 Twitter: @michael_b_wang
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.