The new GODMODE Fractal is in play.. Tesla bottom signal!
Updated
Hello crypto traders!
Let me give you some hope here for a green april with this potential fractal I have spotted on Bitcoin ... but first, what is a fractal?
From the TradingView page on Fractals itself:
" Fractals are not only abundant in nature, they are also the building blocks of trends. They are simple yet important, repetitive formations, self-similar across different time frames and used by traders to identify or conform a trend (markets trend about 30% of the time) in order to trade it profitably. When broken apart, they exhibit the same characteristics as greater patterns or price movements. Fractals lag the market, because it takes time for them to form. "
So a fractal is a repetitive formation that can be identical or have almost identical characteristics, playing out repeatedly over time.
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In this current fractal on Bitcoin i can spot some key similarities in the Price Action now and January earlier this year:
( Price Action is the term used to describe the way the Candlesticks react to certain areas marked on the chart )
Timeline of events:
-Price formed a Symmetrical Triangle Pattern
-Price formed a small Head & Shoulders Pattern inside triangle
-Pattern broke downwards also losing horizontal SUPPORT area (Marked with red arrow)
-Downwards movement was quickly brought up with signs of institutional buying & interest
-Price then reclaimed support area and broke outside the Symmetrical Triangle (has not happened yet on the new formation) (Marked with green arrow)
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The main characteristic is a Symmetrical Triangle Pattern, in this pattern the price swings with 5 almost perfect touches between a Symmetrical Triangle before "breaking out" either upwards or downwards out of the pattern. The breakout can "fail" and reverse in the other direction which is what the below Fractal is showing us can potentially happen again now.
The Symmetrical Triangle forms the beginning of this repeated "Price Action" we are looking for presently.
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There is also a Head & Shoulders Pattern, in this pattern price forms 3 distinct peaks usually after a strong uptrend, the left and right peak should have a similar height (shoulders), the middle peak (head) has to be the highest or this can not be a HS pattern . They should seem triangular in appearance but as long as it fits the main characteristics can still be a valid pattern.
The Head & Shoulders leads to the downward breakout outside of the Symmetrical Triangle.
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So you can see on the bottom left of the chart we eventually "reclaimed" the Support & Symmetrical Triangle before having a massive up move, right now it looks like we are setting up to do something similar here, but first we need to get back above the "Support" & Symmetrical Triangle areas.
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Back around $35,000 we had the rumor followed by filing that Tesla brought Bitcoin:
cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html
Now at the bottom of this current formation we have the news of Tesla accepting Bitcoin as payment:
cnbc.com/2021/03/24/elon-musk-says-people-can-now-buy-a-tesla-with-bitcoin.html
Do you really think one of the worlds Smartest & Richest men would want to accept an asset as payment if he believes it will depreciate in value?
-Trader Worth_The_Risk
_________________________________________________________________________________________________________________
Let me give you some hope here for a green april with this potential fractal I have spotted on Bitcoin ... but first, what is a fractal?
From the TradingView page on Fractals itself:
" Fractals are not only abundant in nature, they are also the building blocks of trends. They are simple yet important, repetitive formations, self-similar across different time frames and used by traders to identify or conform a trend (markets trend about 30% of the time) in order to trade it profitably. When broken apart, they exhibit the same characteristics as greater patterns or price movements. Fractals lag the market, because it takes time for them to form. "
So a fractal is a repetitive formation that can be identical or have almost identical characteristics, playing out repeatedly over time.
_________________________________________________________________________________________________________________
In this current fractal on Bitcoin i can spot some key similarities in the Price Action now and January earlier this year:
( Price Action is the term used to describe the way the Candlesticks react to certain areas marked on the chart )
Timeline of events:
-Price formed a Symmetrical Triangle Pattern
-Price formed a small Head & Shoulders Pattern inside triangle
-Pattern broke downwards also losing horizontal SUPPORT area (Marked with red arrow)
-Downwards movement was quickly brought up with signs of institutional buying & interest
-Price then reclaimed support area and broke outside the Symmetrical Triangle (has not happened yet on the new formation) (Marked with green arrow)
----------------------------------------------------------------------------------------------------------------------------------------------------------------
The main characteristic is a Symmetrical Triangle Pattern, in this pattern the price swings with 5 almost perfect touches between a Symmetrical Triangle before "breaking out" either upwards or downwards out of the pattern. The breakout can "fail" and reverse in the other direction which is what the below Fractal is showing us can potentially happen again now.
The Symmetrical Triangle forms the beginning of this repeated "Price Action" we are looking for presently.
----------------------------------------------------------------------------------------------------------------------------------------------------------------
There is also a Head & Shoulders Pattern, in this pattern price forms 3 distinct peaks usually after a strong uptrend, the left and right peak should have a similar height (shoulders), the middle peak (head) has to be the highest or this can not be a HS pattern . They should seem triangular in appearance but as long as it fits the main characteristics can still be a valid pattern.
The Head & Shoulders leads to the downward breakout outside of the Symmetrical Triangle.
----------------------------------------------------------------------------------------------------------------------------------------------------------------
So you can see on the bottom left of the chart we eventually "reclaimed" the Support & Symmetrical Triangle before having a massive up move, right now it looks like we are setting up to do something similar here, but first we need to get back above the "Support" & Symmetrical Triangle areas.
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Back around $35,000 we had the rumor followed by filing that Tesla brought Bitcoin:
cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html
Now at the bottom of this current formation we have the news of Tesla accepting Bitcoin as payment:
cnbc.com/2021/03/24/elon-musk-says-people-can-now-buy-a-tesla-with-bitcoin.html
Do you really think one of the worlds Smartest & Richest men would want to accept an asset as payment if he believes it will depreciate in value?
-Trader Worth_The_Risk
_________________________________________________________________________________________________________________
Note
Idea playing out very well, We need to see the price "Find Support" above the 59-62,000 area now to keep moving upwards.Note
My idea from 27th march is playing out very well, Press PlayBe warned if Bitcoin breaks out of the Red Area altcoins can take big hits (especially vs Bitcoin). if you are in for the long term HoDL if you are in profit i would advise considering your plan what will happen if Bitcoin does break out (in the past usually when it breaks out of a important area altcoins drop 10-30%)
Some may stay bullish, But dont want to be caught up holding 100% Altcoins when Bitcoin does it thing.
This is not financial advice, just my personal opinion i have come to through 4 years of trading. ETH & BTC are the strongest two right now.
Note
Bitcoin hits $63,000, congratulations all holders! Fractal playing beautifully.
Note
Expecting this to continue playing out aslong as we stay above the red previous resistance area.Note
We failed to hold above Resistance, See my new BTC plan:
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