Here we are looking at Bitcoin fractals and comparing current set up to one back on July 9, 2016 when the last Bitcoin Halving occurred. What do we immediately see? Several things actually which we will go over now...
1. Right after Bitcoin halving we saw nearly a 40% price drop in Bitcoin back in 2016 from $795 to $465
2. We see similar 'bull flag' pattern today as the one back in 2016 - only difference is that the current pattern is roughly 2x double the length of the prior pattern.
Strictly looking at patterns and fractals, we should see Bitcoin reverse at around $5,450/$5,750 - if that zone does not hold, we will start looking at possible correction back down towards $2,500 -$4,000 region
At current phase Bears have an upper hand and will continue to have it until bulls break and maintain $10,000 price level. Anything below that is bear's territory.
Don't be discouraged by this as it will provide you with a great buying / refill opportunity again and will shake out all the weak hands that still remain in the game.
Let's go back and look now at my previous TA which predicted the top at $10,000 with resistance levels beginning at around $9,150
What do we see here? which also support a drop to around $5,000 levels and lower if we're unable to hold it.
Stay tuned and stay safe!