BTC is still at the CRITICAL JUNCTURE. Still, the below remains my primary count and I’ve shown this pattern for over a week so no real chage; only high alert sensing. Eventhough we are at a critical junction, the below Inverted Head & Shoulders bullish pattern is expected to occur. This pattern would provide the mojo for Bitcoin to well exceed the upper trend line.
Watching the behavior of Bitcoin price in shorter time frame, the below pair of fractals was noticeable. Note how on Fractal #1 (blue box), the initial decline was followed by a 62% rebound and then a smaller decline for a higher low prior to exceeding prior peak. Now, the white box shows Fractal #2 as having completed the initial decline from the peak and is in the process of shaping out the rebound.
The rebound for the Fractal #1 was 0.618 Fib and if this could be the same for Fractal #2; then $11,361 could be the rebound zone for Fractal #2 as shown in Fibs below:
Bullish case scenario could show how the price pathway could travel by adhering to the fractal. This scenario would allow the entrance of New All Time Highs! HOWEVER, we MUST keep a vigilant eye on the current critical juncture. It’s not the time to allow FEAR to dictate our trades, but rather outcome probabilities!
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