In this chart I have identified key fractal patterns within bitcoins trading price action movements. As seen in this chart the 6900 level holds long term support while the recent down trend starting may 5th and ending June 2 shows to be a key fractal line of short term resistance. Look for bitcoin to go no lower than 7150 as it approached this resistance line. I see two scenarios playing out because of this analysis once this short term resistance fractal line is broken. My first theory is when this trend is broken the momentum could drive bitcoin to break this long term descending triangle smashing through the ten key resistance point which in my opinion is purely a mental resistance line. I see this as a mental resistance line and not a technical resistance line because it was broken in February of 18 easily.
My second theory is that bitcoin breaches this short term resistance fractal and bounces off the top of the long term descending trialed and range trades until this descending triangle is broken. Once this takes place the heavy resistance lines that bitcoin will encounter will be at 11800 and 13000 level.
As always I encourage everyone to do there own research before investing.
My second theory is that bitcoin breaches this short term resistance fractal and bounces off the top of the long term descending trialed and range trades until this descending triangle is broken. Once this takes place the heavy resistance lines that bitcoin will encounter will be at 11800 and 13000 level.
As always I encourage everyone to do there own research before investing.