Where is Bitcoin in relation to the 2014 Price Fractal? Focus on the April 2014 bounce to the top off in June 2014... Once topped off Bitcoin then continued on its downward path to the $150 final bottom with a couple small bounces along the way... This 2014 chart shows the A-B-C completed corrective move of the 2013 Parabolic Bitcoin $1,000+ pump. If we impose this similar pattern to today's Bitcoin price action we see that we are hitting the top off area corresponding with the FIb resistance of 43.5% established in 2014 and is almost exactly where Bitcoin Found resistance today with its break of $11,000 intra-day. The way this current pattern can be confirmed is in the coming days and weeks Bitcoin pulls back hard to the ($7-8K area?) has a nice bounce back to around ($10K?) and then puts in a series of lower highs before accelerating the downward move. Fractals are similar representations of past Chart patterns. They are not meant to be exact in time and price percentage moves...However I believe that the overall similarity is quite notable and could suggest that we are not out of the Bear market yet and that the C wave and final wave is set to begin soon. It will be interesting to see how this plays out over the coming weeks. I will update as the chart fills in and we will get a clearer view as to the viability of this thesis...Trade Safe... Chonis :)
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*Note the time horizon of the possible C wave is unknown. I actually expect that Bitcoin could be in an uptrend heading into the 2020 halving after have completed this corrective move. Which would mean for most of the rest of 2019 and the first part of 2020 Bitcoin is in its continuation of the bear market...we shall see...