After months of nothing but upward movement and sideways consolidation, BTC has once again found itself nearing either another major breakout or continued consolidation.
The chart above attempts to display two possible fractal scenarios from the May consolidation period. These are separated by green and red colors. Both of which are bullish, just one sooner than later.
The Green Fractal:
Taking a look at the green fractal, it appears BTC has just created a higher high in the same manner as it did in early May of this year. It created a Higher Low just before making an arch shape ascension from bottom. From the higher high we just recently created, Bitcoin has consolidated in the exact same manner as it did in May after creating the Higher High. This is represented by the green and white circled areas on the chart.
Meaning, that as long as the 8.8 support holds. it is very likely that Bitcoin will see over 10k in the near future.
The Red Fractal:
Even though it appears that Bitcoin is ascending in the same manner which it did early May, if you take a look at the wave count it appears that we are missing one. This is very concerning because if this is true, then the higher high that we just created may be similar to the one in late April which is circled in red on the chart above.
If this is true, then a move to the low 8000's or mid 7000's may be just around the corner. This theory would also support the idea of closing the CME futures gap at 8.4k
From there, if the fractal still holds true, then it would be very likely for Bitcoin to continue upward from these levels.
My Plan of Action:
From the current state that Bitcoin is in, it appears that the Green fractal is playing out. Therefore, I plan to add to my position on the next, and hopefully final, dip near 9.1k
I plan to remain bullish unless 8.8 breaks.
If 8.8k would break, then red fractal would likely play out. My primary target would be to look for support around 7.7k
I hope you all found this article interesting and maybe a little helpful!
I wish you all the best of luck!
The chart above attempts to display two possible fractal scenarios from the May consolidation period. These are separated by green and red colors. Both of which are bullish, just one sooner than later.
The Green Fractal:
Taking a look at the green fractal, it appears BTC has just created a higher high in the same manner as it did in early May of this year. It created a Higher Low just before making an arch shape ascension from bottom. From the higher high we just recently created, Bitcoin has consolidated in the exact same manner as it did in May after creating the Higher High. This is represented by the green and white circled areas on the chart.
Meaning, that as long as the 8.8 support holds. it is very likely that Bitcoin will see over 10k in the near future.
The Red Fractal:
Even though it appears that Bitcoin is ascending in the same manner which it did early May, if you take a look at the wave count it appears that we are missing one. This is very concerning because if this is true, then the higher high that we just created may be similar to the one in late April which is circled in red on the chart above.
If this is true, then a move to the low 8000's or mid 7000's may be just around the corner. This theory would also support the idea of closing the CME futures gap at 8.4k
From there, if the fractal still holds true, then it would be very likely for Bitcoin to continue upward from these levels.
My Plan of Action:
From the current state that Bitcoin is in, it appears that the Green fractal is playing out. Therefore, I plan to add to my position on the next, and hopefully final, dip near 9.1k
I plan to remain bullish unless 8.8 breaks.
If 8.8k would break, then red fractal would likely play out. My primary target would be to look for support around 7.7k
I hope you all found this article interesting and maybe a little helpful!
I wish you all the best of luck!
Comment:
Looking like Green route. Lets see how close we can follow:
I am now hoping for a dip to 9.2 before a major move up.
I am now hoping for a dip to 9.2 before a major move up.
Creator of DepthHouse Indicators on TradingView!
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↣ depthhouse.com/
If this zone holds us down, then the Red Fractal will be very likely