BitcoinLong
BTC - Five Year Fractal Repeat?
BTC showing signs of repeating the growth pattern of the previous bull run by nearly imitating the previous bear run.
Reasons:
1. ATH rejected from long-term resistance
2. Price supported by long-term support
3. Price rejected by descending trend line that is representative of the previous one
4. Following the second rejection, a descending triangle formed and broke to the bottom and stalled (for now at least)
5. A similar cup pattern has formed on the RSI, with the second one in development
It's likely we see some accumulation for the next few months. Following this, look for a break of the yellow descending trend line.
Reasons:
1. ATH rejected from long-term resistance
2. Price supported by long-term support
3. Price rejected by descending trend line that is representative of the previous one
4. Following the second rejection, a descending triangle formed and broke to the bottom and stalled (for now at least)
5. A similar cup pattern has formed on the RSI, with the second one in development
It's likely we see some accumulation for the next few months. Following this, look for a break of the yellow descending trend line.
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