BitcoinShort
BTC fractal end of oct-nov 2020 on the 2hourly: back to 42k?
Updated
Back to 42k?
I don't think this is a novel idea now.
I think we have seen most of the institutional big buys at the 30-40k area, with some at 50-55 and even 60, but these are smaller blocks, and there are a lot of smaller sell blocks upwards, with more consolidation.
Bears are in control, investors are ready to go, but I think we are just waiting for the new fiscal year.
The same fractal runs on the 2 hourly in the same time period. as last year, yes... it ran up to the bigger fractal we are in now, but the same pattern is there.
The bulls like to reference back to previous time periods to validate their bullishness, but if we go back to 2020, we can see the price rise to the lower 19s, dump to the 17s, back up to the high 19s for an ATH, then 'consolidate' right back to the crab bottom.
This part of the fractal seems quite similar to the weekly pattern.
I picked the 2 hourly because of the price/volume ratio so the patterns are clear.
I don't think this is a novel idea now.
I think we have seen most of the institutional big buys at the 30-40k area, with some at 50-55 and even 60, but these are smaller blocks, and there are a lot of smaller sell blocks upwards, with more consolidation.
Bears are in control, investors are ready to go, but I think we are just waiting for the new fiscal year.
The same fractal runs on the 2 hourly in the same time period. as last year, yes... it ran up to the bigger fractal we are in now, but the same pattern is there.
The bulls like to reference back to previous time periods to validate their bullishness, but if we go back to 2020, we can see the price rise to the lower 19s, dump to the 17s, back up to the high 19s for an ATH, then 'consolidate' right back to the crab bottom.
This part of the fractal seems quite similar to the weekly pattern.
I picked the 2 hourly because of the price/volume ratio so the patterns are clear.
Note
Just to add: I'm pretty neutral on the position now, because the market maker is in control more than ever, and some patterns are forced and break and fake-out, but trend can go either way they want. I don't see why it would be in the benefit of whales to have the price run to 100k this year, when they are waiting for more buying power and have better investment growth offerings for clients.Note
Looks like we are almost hitting the Cypher at the trend based fib time on the daily.I'm pretty sure now this pattern will complete. I have seen some machine learning forecasting projecting BTC at 54k in a week.
I almost got fooled again by the current pattern, because there is some clear lower timeframe support.
I think one option is that there is enough consolidation now for a quick jab at 65-67ish enough to stop out some shorts, then plunge back parabolic on the RVOL candle.
Note
I'm happy to enter the Black Friday and Holiday sales on BTC if this plays out :) Unless BTC breaks out over 65k and stays there, I'm eagerly in the alts till January.
They have been sneaky laddering up all the time, and we see them making new ATH's and committing to patterns, while everyone was focused on BTC.
GJ!
Note
Black Friday correction playing out as expected. Scenario of BTC consolidating until January is now in play.
ETH keeping it schrtrong.
Some alts like SUSHI/CAKE are absolute flooring right now and looking great on weekly RSI.
Trade closed: target reached
I was too occupied in longs in alts to be ready to short.Don't really like mixing the two.
Target did hit!
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