Bitcoin / TetherUSShort
The scariest bitcoin fractal you will see today
I have overlaid bitcoin's previous months' price action from the start of the major fall.
To my surprise and dismay the current price action is playing out pretty similar to this fractal.
Similarities:
Previous falling trend
The bounce has been roughly the same height
Brutal ltf rejection yesterday
Failure to make a higher high today
Likely scenario if fractal repeats:
Buy upon candle close tonight at roughly $35,000
Sell upon reaching 200-ema or before then
Short bitcoin for more than 2/3rds of its value.
*Note: I have a bias toward bearish charts right now, as I believe btc is going to head lower at some point soon. My low target however was always around $25,000. This fractal is sobering and I don't know what to think. It is just a fractal, yes, but if things continue to play out roughly the same as they did from April leading into May then that short at $42,000 is going to look a lot more precipitous. I may have to rethink my already low-ball alt coin bids, and move them yet again. This time to an absolute subterranean level.
Help! Have I gone off the deep end? Do I need to be committed institutionally or - frightening as it may be - could there actually be something to this as a fractal worth looking at?
To my surprise and dismay the current price action is playing out pretty similar to this fractal.
Similarities:
Previous falling trend
The bounce has been roughly the same height
Brutal ltf rejection yesterday
Failure to make a higher high today
Likely scenario if fractal repeats:
Buy upon candle close tonight at roughly $35,000
Sell upon reaching 200-ema or before then
Short bitcoin for more than 2/3rds of its value.
*Note: I have a bias toward bearish charts right now, as I believe btc is going to head lower at some point soon. My low target however was always around $25,000. This fractal is sobering and I don't know what to think. It is just a fractal, yes, but if things continue to play out roughly the same as they did from April leading into May then that short at $42,000 is going to look a lot more precipitous. I may have to rethink my already low-ball alt coin bids, and move them yet again. This time to an absolute subterranean level.
Help! Have I gone off the deep end? Do I need to be committed institutionally or - frightening as it may be - could there actually be something to this as a fractal worth looking at?
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