BTC Fractal - July fractal coming in again?
Well I'm starting to see a lot of parallels between the last time this fractal appeared in July and this time. FUD news beginning to appear in all "official" mediums such as Bloomberg, Financial Times, Reuters, WSJ and the like. China "banning" ICOs (they've banned Facebook before and 3 years ago THIS SAME FUD of -Bitcoin BAN- dropped the price to 600...whatever).
Technically speaking, we have that Head and Shoulders forming again. A few months ago people were seeing a symmetric triangle forming between bottom wicks and the top wicks of the Head (labeled "H" in my chart) and Right Shoulder (labeled RS). This resulted in a small mini pump while it was oversold before retracing to where a proper H&S should hit at 1830 (distance from neck to top of head to the downside). We had a hidden bullish divergence on July and we're having it now with our oscillator doing lower lows and the price doing higher lows. If we look at it from a Bollinger Bands perspective we had a double top in July (Left Shoulder and Head) that ended up going low to 1830 before re-fomo-ing back to 2960.
Overall I'm still bullish on BTC, I'm kind of scared in the fact that this could kill alts but while there are parallels, I think some are missing, eg the hit of the .768 fib while overbought, things like that. To me it feels like everybody is already much more pre-cautious than the last time in July - also, majority of Alts are still at their bottom or close to it, so that might do for a different outlook.
This should be an interesting week, alts could make a stronger comeback than what shillers and short term traders have made you believe these past few weeks. I'll be stocking up on the most bottomed out alts that haven't had a cycle this year. Strong ICOs that have been dropping in price might start having trend reversals.
EDIT: Doesn't it seem weird to you guys that these fractals happen specifically at Bitfinex, the owner and creator of Teather? Weird pumps and movements have also happened at Bitfinex these past few months in other coins... I'm kind of scared that Teather might be being used to pump some coins at times... *Just a thought*
Technically speaking, we have that Head and Shoulders forming again. A few months ago people were seeing a symmetric triangle forming between bottom wicks and the top wicks of the Head (labeled "H" in my chart) and Right Shoulder (labeled RS). This resulted in a small mini pump while it was oversold before retracing to where a proper H&S should hit at 1830 (distance from neck to top of head to the downside). We had a hidden bullish divergence on July and we're having it now with our oscillator doing lower lows and the price doing higher lows. If we look at it from a Bollinger Bands perspective we had a double top in July (Left Shoulder and Head) that ended up going low to 1830 before re-fomo-ing back to 2960.
Overall I'm still bullish on BTC, I'm kind of scared in the fact that this could kill alts but while there are parallels, I think some are missing, eg the hit of the .768 fib while overbought, things like that. To me it feels like everybody is already much more pre-cautious than the last time in July - also, majority of Alts are still at their bottom or close to it, so that might do for a different outlook.
This should be an interesting week, alts could make a stronger comeback than what shillers and short term traders have made you believe these past few weeks. I'll be stocking up on the most bottomed out alts that haven't had a cycle this year. Strong ICOs that have been dropping in price might start having trend reversals.
EDIT: Doesn't it seem weird to you guys that these fractals happen specifically at Bitfinex, the owner and creator of Teather? Weird pumps and movements have also happened at Bitfinex these past few months in other coins... I'm kind of scared that Teather might be being used to pump some coins at times... *Just a thought*
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