Bitcoin - September 20202 vs September 2021 fractal

The orange boxes and purple circles are the subject of this idea.

Yesterday I made a post about price action testing a trend line support whilst MFI is at 30 on the 3-day chart. Good TA is about confluence, the more confluence the stronger the TA. And I like studying data - obviously have too much free time on my hands.

On the above 2-day chart the 2 ‘light orange’ boxes highlight the period from Mid-August through to Mid-October. The yellow dotted line is the Pi Cycle support band (see 2-day chart below 2016 through to 2017) and the black line is the 2-day / 21-day EMA .

1st box 2020:

1) Price action breaks down from the black line to the yellow dotted line.

2) Price action consolidate between the two.

3) MFI touches 30.

4) (1st purple circle) RSI bounces between support and resistance until it breaks out.

2nd box 2021

1) Check

2) check

3) check

4) One way or another RSI must break up or down before October 5th. Whatever happens to price action during this time is irrelevant.

Ciao!

WW


2-day yellow dotted line

Giao dịch đang hoạt động:

Price action breaks through the upper resistance with ease. Look for support at $45k (if it comes) and then do nothing until the year end / new-year at $115 - 130k.

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