This fractal extrapolation comes from the September to November 2019 consildation, fake-out, pump and subsequent dump, not so long ago. The fakeout nature of the low is reminiscent of the October 25th pump to $8,800 from the fake-out to the low $7,300 area. Not only do we see the mid-term $7,800 support turn into resistance, but also how the 100 & 200 Day MAs acted as strong resistance to this upwards move.
Similarly, the bounces came after the period of oversold conditions (highlighted in red), followed by finding "algorithmic" support from 30 (in green). Therefore, the target for the (not proportionate) fractal to the upside is $7,650 and to the downside $5,800 support.
The key levels to watch are therefore the same as before:
Related TA:
Could This Descending Triangle Be The Final Fake Out?
Zooming Into The Weekly Chart Doesn't Look Good
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Two & Four Year MA's Claim It's Time To Accumulate
Similarly, the bounces came after the period of oversold conditions (highlighted in red), followed by finding "algorithmic" support from 30 (in green). Therefore, the target for the (not proportionate) fractal to the upside is $7,650 and to the downside $5,800 support.
The key levels to watch are therefore the same as before:
- 200 Day MA: $9,350 (flat, neutral)
- 100 Day MA: $8,300 - $8,050 (declining, bearish)
- 50 Day MA: $9,795 - $7,800 (declining, bearish)
Related TA:
Could This Descending Triangle Be The Final Fake Out?
Zooming Into The Weekly Chart Doesn't Look Good
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Two & Four Year MA's Claim It's Time To Accumulate
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Correction to: Extrapolating 2014 Correction - Could $6,500 Be The Low?
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