Michael_Wang_Official

Bitcoin Fractal Comparison: Does History Repeat Itself?

BITSTAMP:BTCUSD   Bitcoin
In this analysis, I take a technical approach to Bitcoin, providing my own insight on Bitcoin's next potential trajectory based on fractals.
I have been referring to this specific fractal for a while now, and I have gained enough confidence to share it with my followers.

Analysis
- We can first see that the fractal starts with an uptrend, followed by a bearish divergence
- Prices form higher highs, while the Relative Strength Index (RSI) demonstrates lower highs
- Prices drop severely, and the RSI is flushed out to oversold territories
- Consolidation takes place, and prices break out once again.
- After a breakout, distribution takes place, in which we can could bearish Elliott Triangle Waves (abcde)
- Prices correct down to the 0.618 Fibonacci support, where it bounces back up once again
- Prices then range between the local highs and local lows, with the trend line support intact

Summary
I believe that we'd see price range between 17k and 19k regions. While a further downside is possible, based on the current fractals, it seems less probable.

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