BTC- May '21 Crashing Structure Compression
Zaktualizowano
First, know that I am an amateur technical analyst. I'm still learning about TA.
This is not financial advice. You should always do your own research. Consider this post as entertainment. I'm simply sharing what I see in the charts and always welcome collaboration and feedback.
Following up on my Jan 19th post. BTC timeframe has compressed the May ’21 fractal it is running on. Because of this I’ve looked for a similar pattern and from that pattern any potential rebound.
We are nearing completion of the short formed "M" pattern, which for the non-TA's is a bearish reversal in trend, from where I believe we would then spring upwards towards the .702. Coming out of the M pattern, it looks like we will form an Inverse Head & Shoulders pattern on the local .236 fib, giving the market the push it needs to get up to the .702 fib.
I’m still waiting for the pattern to complete, taking us down likely with wicks to the 2.702 fib. We may find the continued drop down and sideways pattern may get further compressed – time will tell. I’m also looking for other structures which might see us go beyond the .702 fib retracement – known for a bearish BTC cycle and bullish ALT season.
Again, don't trade on this analysis. I'm just sharing the world as I see it today.
This is not financial advice. You should always do your own research. Consider this post as entertainment. I'm simply sharing what I see in the charts and always welcome collaboration and feedback.
Following up on my Jan 19th post. BTC timeframe has compressed the May ’21 fractal it is running on. Because of this I’ve looked for a similar pattern and from that pattern any potential rebound.
We are nearing completion of the short formed "M" pattern, which for the non-TA's is a bearish reversal in trend, from where I believe we would then spring upwards towards the .702. Coming out of the M pattern, it looks like we will form an Inverse Head & Shoulders pattern on the local .236 fib, giving the market the push it needs to get up to the .702 fib.
I’m still waiting for the pattern to complete, taking us down likely with wicks to the 2.702 fib. We may find the continued drop down and sideways pattern may get further compressed – time will tell. I’m also looking for other structures which might see us go beyond the .702 fib retracement – known for a bearish BTC cycle and bullish ALT season.
Again, don't trade on this analysis. I'm just sharing the world as I see it today.
Uwaga
Note. TradingView is compressing the yellow fractal on the right chart. In my view it is reaching up to the .702 fib
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