#BITCOIN - Found a Bullish Fractal, Worth Consideration
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Bitcoin has successfully broke through the support of the ascending channel = worked out. Now we forget about this channel, it is not valid anymore. Priority changes to upwards again.
Talking about the real market state, we found a very interesting trend line which follows the price for already two months (don't mess it up with the support of the previous ascending channel). We found a fractal which is based on this trend line, but firstly didn't consider one as a trustworthy. Today I took a look at it again, and now it looks much more interesting than before.
Steps of the fractal:
This fractal perfectly suits the current state of the market: at the moment we are located at the step 5 - accumulation phase before another rush to $10000. This time we can expect a successful breakout of this resistance level. The fractal responds to all market rules: breakout, reaching the next major resistance and a correction downside to $10000.
Summary: if we don't break the $9200 - $9300 support in the close future, we can expect a continuation of the accumulation phase and then breakout of $10000 level.
What do you think about my idea? Are you agree or disagree? Share your thoughts and critics in comments!
Bitcoin has successfully broke through the support of the ascending channel = worked out. Now we forget about this channel, it is not valid anymore. Priority changes to upwards again.
Talking about the real market state, we found a very interesting trend line which follows the price for already two months (don't mess it up with the support of the previous ascending channel). We found a fractal which is based on this trend line, but firstly didn't consider one as a trustworthy. Today I took a look at it again, and now it looks much more interesting than before.
Steps of the fractal:
- 1. Fake breakdown of the trend line
- 2. Return backwards and consolidation there
- 3. Real breakdown of the trend line
- 4. Formation of a pattern which looks very similar to a cap with handle
- 5. Upwards breakout of the trend line, then accumulation phase and pump
This fractal perfectly suits the current state of the market: at the moment we are located at the step 5 - accumulation phase before another rush to $10000. This time we can expect a successful breakout of this resistance level. The fractal responds to all market rules: breakout, reaching the next major resistance and a correction downside to $10000.
Summary: if we don't break the $9200 - $9300 support in the close future, we can expect a continuation of the accumulation phase and then breakout of $10000 level.
What do you think about my idea? Are you agree or disagree? Share your thoughts and critics in comments!
Note
The scenario is working.
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Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Join Bybit with us:
goo-gl.su/ibF9Y
Twitter:
twitter.com/Robert_Klondike
Email:
ekstraruto@gmail.com
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.
Work in the team of Crypto Klondike.
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Join Bybit with us:
goo-gl.su/ibF9Y
Twitter:
twitter.com/Robert_Klondike
Email:
ekstraruto@gmail.com
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Join Bybit with us:
goo-gl.su/ibF9Y
Twitter:
twitter.com/Robert_Klondike
Email:
ekstraruto@gmail.com
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.