BTC/USD: Does History Repeat Itself?

In this post, I'll be analyzing Bitcoin's daily chart through fractals.
A fractal is a recurring geometric pattern that is repeated on all time frames.
We can often see specific movements of price action in an asset repeat in a similar manner, through differing degrees.

Analysis
- To begin with, we can visually see the similarities in the price movement of December 2015, and the chart today
- The pattern begins with a phase of distribution, marked by the purple circle
- During this phase, the Relative Strength Index (RSI) forms lower highs, and the Moving Average Convergence Divergence (MACD) forms a death cross
- Prices then drop through the 20 Simple Moving Average (SMA) and Ichimoku Cloud
- During this drop, there is an attempt to form a golden cross on the MACD, which fails.
- We can see Bitcoin consolidate, forming a triangle.
- Elliott Wave counts suggests a breakout, as the fifth E Wave forms with a golden cross on the MACD
- During this phase of consolidation, the RSI also starts to form higher lows
- Bitcoin's price breaks through the 20 SMA resistance and the Ichimoku cloud resistance
- It tests the 0.786 Fibonacci retracement resistance, and the 0.618 fib support
- Within this range, it forms a double top pattern
- During this phase, the RSI also reaches overbought levels, and the MACD also forms a death cross once again.

Conclusion
While fractals are not the be-all and end-all, it definitely suggests a clear picture of a highly probable scenario that could take place.

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