๐ฅ Bitcoin Copying August Move: Fractal Analysis
Since early august, Bitcoin has generally been trading upward. During this upward move BTC has slowly but surely formed a bullish channel. This bullish channel has appeared on different analyses before, but never as a fractal.
If we copy the bar pattern from 21-07 till 29-09, we can overlay it on the current move. Surprisingly enough, Bitcoin is following this exact fractal with high precision.
If this fractal holds any value, we can assume that we're going to trade up along the bullish channel's resistance towards 75k or so.
Furthermore,
73K is also the 1.272 Fibonacci extension line. I wouldn't be surprised if BTC is going to see the first big reversal from that area.
Happy trading!
If we copy the bar pattern from 21-07 till 29-09, we can overlay it on the current move. Surprisingly enough, Bitcoin is following this exact fractal with high precision.
If this fractal holds any value, we can assume that we're going to trade up along the bullish channel's resistance towards 75k or so.
Furthermore,
73K is also the 1.272 Fibonacci extension line. I wouldn't be surprised if BTC is going to see the first big reversal from that area.Happy trading!
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