BTCUSD: Decoding the market

I've been watching this price action thinking 'why does this seem familiar?'

I remember, I've seen a similar situation before! March/April 2018, a pump, dump and true bottom for almost +100% gains.

Similarities include:

• Strong downtrend
  
• Falling wedge (blue)
  
• Bull Divergence
  
• Bullish break, sharp counter-trend rally
  
• Reaches almost to Daily 50 SMA
  
• Hidden bear div
  
• Sharp Drop
  
• Expanding wedge target to the downside (2700-2800)
  

NOTE: This is just a scenario, not a prediction. If the market follows this scenario then I will be trading to the short side.

Bình luận:

More similarities found, this time with the downtrend that started in after the 10k top in May

Bình luận:

Let;'s see how the price interacts with that blue moving average above,

If we can recapture it, this is a possibility

Bình luận:

Bình luận:

Inverse Head & Shoulders up to 4,200, then breakout to 5k is a possibility, however this fractal is also in play to create a larger, falling wedge high 2ks

Bình luận:

Or is it a mirror image?

Thanks to @DennisLeeBTC for pointing this one out. Left side fractal repeated, and inverted on right