Nearly symmetrical patterns!
Hello!
I wanted to post something short today because I noticed something pretty interesting. On the BTC charts (this is most visible on the hourly chart), the current price action is very closely mirroring the price action from last week, where BTC jumped from 32k to 38k. A lot of the finer structures are the same too if you look closely, but overall what we can see is a large pump upwards, then a multi-day period of consolidation as the price moves horizontally, and then a steep correction downwards followed by a shorter period of consolidation.
There is cause to remain somewhat bullish here, because the oscillators are making higher lows along the uptrend, which tells us that the bearish power in each corrective period is getting slightly weaker over time.
While patterns repeat a lot in the markets, rarely do they repeat so similarly to each other. Do you think BTC will do what it did previously and consolidate at ~38k? Let me know!
I wanted to post something short today because I noticed something pretty interesting. On the BTC charts (this is most visible on the hourly chart), the current price action is very closely mirroring the price action from last week, where BTC jumped from 32k to 38k. A lot of the finer structures are the same too if you look closely, but overall what we can see is a large pump upwards, then a multi-day period of consolidation as the price moves horizontally, and then a steep correction downwards followed by a shorter period of consolidation.
There is cause to remain somewhat bullish here, because the oscillators are making higher lows along the uptrend, which tells us that the bearish power in each corrective period is getting slightly weaker over time.
While patterns repeat a lot in the markets, rarely do they repeat so similarly to each other. Do you think BTC will do what it did previously and consolidate at ~38k? Let me know!
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