Bitcoin Repeating Fractal from 2013 Low thru 2017 Peak
If you overlay the fractal from Bitcoin's own chart from mid-2013 to the end of the 2017 bull market, you get a very similar looking structure.
The vertical lines are depicting the peak RSI at the top of the 2017 bull run and in the 2021 bull run. Although we did not reach up to 98k, which is where the previous fractal would have taken us, I take this point as the "euphoric top."
Keeping that in mind I believe that the actual top of Bitcoin in 2021 is, in fact, acting as Bitcoin's structural retracement. If you overlay a FIB from the fractal's ATH from 2015 to the first initial profit take (June/July 2021), it would make the actual ATH a retracement between the 0.5% and 0.618% FIBs.
With that same peak, it would also give us an 82% crash from this hypothetical peak to trough, which I know a lot of chartists are waiting to see since it's what we've done in every bear market so far in Bitcoin's history.
I believe the bottom could very well be in and that we could be facing a long term accumulation period for the market as a whole.
Let me know what you guys think in your comments below.
Note: Not Financial Advice
The vertical lines are depicting the peak RSI at the top of the 2017 bull run and in the 2021 bull run. Although we did not reach up to 98k, which is where the previous fractal would have taken us, I take this point as the "euphoric top."
Keeping that in mind I believe that the actual top of Bitcoin in 2021 is, in fact, acting as Bitcoin's structural retracement. If you overlay a FIB from the fractal's ATH from 2015 to the first initial profit take (June/July 2021), it would make the actual ATH a retracement between the 0.5% and 0.618% FIBs.
With that same peak, it would also give us an 82% crash from this hypothetical peak to trough, which I know a lot of chartists are waiting to see since it's what we've done in every bear market so far in Bitcoin's history.
I believe the bottom could very well be in and that we could be facing a long term accumulation period for the market as a whole.
Let me know what you guys think in your comments below.
Note: Not Financial Advice