ðĨ Bitcoin Fractal: ABC Correction Into New All-Time High?
Since BTC has made a new ATH on Oct. 20th, it has been trading horizontally for almost a month now.
If we compare both moves after reaching a new all-time high, they appear very similar. 1) 4H RSI is overbought at the top, 2) an ABC correction follows after making a new ATH / overbought RSI. In addition, the current "bottom" is oversold, which means that there's a statistically big chance for some kind of bounce to occur.
If the ABC 2 pattern will follow the same path that ABC 1 followed, we might see a new ATH in the coming weeks/days. However, I'm not convinced yet that the bottom is in. For all we know this consolidation phase is developing into a bear-flag. Also, see my analysis below for a potential area of reversal in case we drop.
Happy trading!
If we compare both moves after reaching a new all-time high, they appear very similar. 1) 4H RSI is overbought at the top, 2) an ABC correction follows after making a new ATH / overbought RSI. In addition, the current "bottom" is oversold, which means that there's a statistically big chance for some kind of bounce to occur.
If the ABC 2 pattern will follow the same path that ABC 1 followed, we might see a new ATH in the coming weeks/days. However, I'm not convinced yet that the bottom is in. For all we know this consolidation phase is developing into a bear-flag. Also, see my analysis below for a potential area of reversal in case we drop.
Happy trading!
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