CFcryptoTA

BTC fractal and trendlines

Long
BITFINEX:BTCUSD   Bitcoin
This is my view of the BTC fractal. We exhausted the fifth cycles and if we stick to the 2014 fractal there should be an accumulation phase in the next weeks. We should have reached the bottom and we have formed a lower high about a week ago. We may expect another test of the last bottom as shown in 2014 to complete the accumulation and begin the next bull run. The volume is expanding as the last cycle in 2014 and it is easying down without major swings which is typical of an accumulation phase. Should be noted that the 2014 primary bear trend has dropped 78% from the ath 8% more compared to the 70% of 2018. Also, the intermediate bear trend of 2018 has last almost half of 2014 which is expected with the advent of the smart money in the market. The next 2-3 weeks will be crucial for the future of btc as a break out of the support at 5.7k would sign the complete reversal of the primary trend signing the start of a bear market. Also similar divergences were spotted in the rsi, with various bullish divergences spotted after the first wave. Also the rejection of the ProShares ETF from the SEC hasn't affect heavily the market compared to the Winklevoss ETF rejection which has hit the market badly last time.
Lets see if the primary trend will hold and the accumulation phase start. As stated before if the 5.7k isn't going to hold i expect btc to resurrect in middle-late 2019.
These are all hypothesis and are all intended for educational purpose only.
P.S. i know it's messy but every resistance and support is important to understand the cycles and behaviour of the two markets.

CFcryptoTA
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