Bitcoin price action constantly repeats itself in price action as well as cyclical time periods. When the two of these things join together they are referred to as a fractal. Wanted to share a fun food-for-thought fractal today.
The fractal comes from the last run to ATH that we had back in Nov 2021. There were two large impulse moves higher that occurred before BTC officially began the bear market descent. These two impulse moves higher look very similar to the price action we have seen so far in 2023.
So on chart, I have shown the area where I have taken the fractal from (blue bars on the left), and on the right they overlay the recent price action. Note that I have done this on a logarithmic scale that the scale of the price changes are comparable. Interestingly, this fractal idea projects a retracement down to $18.4k, which is actually a very compelling support/resistance level on the charts. There are quite a lot of coincidences and overlap between these ideas!
Reminder: This post is merely for entertainment purposes and speculation of the market rather than actually trading off of this idea.
Bitcoin price action constantly repeats itself in price action as well as cyclical time periods. When the two of these things join together they are referred to as a fractal. Wanted to share a fun food-for-thought fractal today.
The fractal comes from the last run to ATH that we had back in Nov 2021. There were two large impulse moves higher that occurred before BTC officially began the bear market descent. These two impulse moves higher look very similar to the price action we have seen so far in 2023.
So on chart, I have shown the area where I have taken the fractal from (blue bars on the left), and on the right they overlay the recent price action. Note that I have done this on a logarithmic scale that the scale of the price changes are comparable. Interestingly, this fractal idea projects a retracement down to $18.4k, which is actually a very compelling support/resistance level on the charts. There are quite a lot of coincidences and overlap between these ideas!
Reminder: This post is merely for entertainment purposes and speculation of the market rather than actually trading off of this idea.