The blue line pattern is what occurred in march 2020 during the liquidity crisis. I believe a similar fractal pattern is playing out now with the bottom coming in around $30,000 on may 19th. If this pattern is to continue I would expect a second touch at the .5 fib level around $34,500 and a swift recovery over the next few weeks, making new all time highs sometime in the next 2-3 months. Obviously nothing is perfect but there is an uncanny resemblance to what occurred march 2020, and everyone know what a buying opportunity that was.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.