Looks like BTC is behaving in a very fractal manner.
Personal disclaimer on fractals:
- I don't believe in predicting future price action, from previous historical occurrences (i.e. comparing 2014/2017 to now)
- I don't believe in overlaying previous price action over current price action (i.e. copy + paste)
- There are too many data points/dimensions to consider from the past, when predicting the future (macro/micro states, market sentiment)
*** I believe fractals can occur, if the same strategy/behavior is taking place, when moving the market.
Description of fractal behaviour:
- 3 major markdowns have occurred.
- They have always followed the same pattern
- 2 double tops (blue)
- 2 mark downs (red)
- 2 CHOP zones (purple) that connect each markdown
Blue lines = Double tops
Red Lines = Mark downs
Purple Lines = Double top CHOP. Connects both mark downs.
1st Major markdown - 20k -> 9.3k
2x mark downs (red line) = ~48% each
2nd Major markdown - 11.6k -> 7.3k
2x mark downs (red line) = ~26% each
3rd Major markdown - 9.1k -> 7.1k
2x mark downs (red line) = ~13% each
Will it continue to repeat?
I believe our next target is around 7.1k, before we do this again and again, all the way to ~5k
Not financial advice. Do your own research.
Personal disclaimer on fractals:
- I don't believe in predicting future price action, from previous historical occurrences (i.e. comparing 2014/2017 to now)
- I don't believe in overlaying previous price action over current price action (i.e. copy + paste)
- There are too many data points/dimensions to consider from the past, when predicting the future (macro/micro states, market sentiment)
*** I believe fractals can occur, if the same strategy/behavior is taking place, when moving the market.
Description of fractal behaviour:
- 3 major markdowns have occurred.
- They have always followed the same pattern
- 2 double tops (blue)
- 2 mark downs (red)
- 2 CHOP zones (purple) that connect each markdown
Blue lines = Double tops
Red Lines = Mark downs
Purple Lines = Double top CHOP. Connects both mark downs.
1st Major markdown - 20k -> 9.3k
2x mark downs (red line) = ~48% each
2nd Major markdown - 11.6k -> 7.3k
2x mark downs (red line) = ~26% each
3rd Major markdown - 9.1k -> 7.1k
2x mark downs (red line) = ~13% each
Will it continue to repeat?
I believe our next target is around 7.1k, before we do this again and again, all the way to ~5k
Not financial advice. Do your own research.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.