This is a closer look at the fractal. If btc follows its 2014 movement, then a double bottom around $6,500 should be created before a short-term reversal.
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Here are more precise targets if we work off this fractal:
Target for short: ~$6,500
Then target for long: ~$8,100 (or a bounce off EMA200)
Then target for long: ~$4,500 (~May 1)
=> reversal of this bear market.
Target for short: ~$6,500
Then target for long: ~$8,100 (or a bounce off EMA200)
Then target for long: ~$4,500 (~May 1)
=> reversal of this bear market.
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*target for short ~$4,500
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1st target of ~$6,500 ($6,502 so far) reached. Let's see if btc bounces up. Buy volume is still lacking though.
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BTCUSD shorts are at all time high -> a possible short squeeze might be incoming which would be in line with a spike in price as shorts will be liquidated.
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We have already seen a moderate move upward. Looking at the chart more closely, I would amend the second target to be around ~$7,800 as there is heavy resistance around that area.
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Just a note that the fractal would be invalidated if btc broke $9k (i.e. the downward trendline from 20k). Btc seems weak so I am still expecting a reversal downward toward ~4k within a day or two.
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2nd target reached. This was crazy. Just crazy. What should follow now is a move down to ~4k.
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Update on the fractal: Pink is the current price, blue is the fractal from 2014: