### Chart Overview
The image shows two Bitcoin price charts side by side, comparing different time periods. The left chart is from 2021, while the right chart is from 2017. Both charts have annotations and highlight specific areas that seem to follow a fractal pattern.
#### Left Chart (2021)
- Timeframe: Daily (1D)
- Pair: BTCUSDT
- Key Feature: ATH (All-Time High) of 2021 at approximately $69,000
- Indicators:
- Orange line: Likely a moving average (could be 50-day or 200-day MA)
- Price action has formed a rising wedge pattern
#### Right Chart (2017)
- Timeframe: Daily (1D)
- Pair: BTCUSD
- Key Feature: ATH of 2013 around $1,150
- Indicators:
- Orange line: Similar moving average
- Price action also forming a rising wedge pattern
### Key Observations
1. Fractal Comparison:
- Both charts highlight a period where price action breaks above a previous ATH and then forms a consolidation pattern.
- The blue arrows indicate points where price touches the previous ATH line, suggesting a retest before continuing the trend.
2. Current Analysis (Left Chart):
- The price has recently broken above the ATH of 2021 and is now consolidating.
- The blue-circled area shows price action around the ATH, suggesting indecision or consolidation.
- The moving average is acting as a support level.
3. Historical Analysis (Right Chart):
- Similar price action occurred after breaking the 2013 ATH in 2017.
- The price consolidated around the ATH before continuing the upward trend.
### Potential Scenarios
1. Bullish Continuation:
- If the price can maintain above the ATH of 2021 and the moving average support, it may continue its upward trend.
- Funding rates should remain favorable (neutral or positive) to support this scenario.
2. Bearish Rejection:
- If the price fails to break above the recent high (similar to the March high mentioned), it may indicate a potential bearish reversal or extended consolidation.
- Increased funding rates to positive levels without price breaking the March high could lead to a scenario similar to Summer 2020 & Summer 2023 where a rejection followed.
### Key Levels to Watch
1. ATH of 2021 (~$69,000):
- Critical support level that needs to hold for bullish continuation.
2. Recent High (March High):
- A failure to break above this level with increased funding rates could indicate bearish pressure.
### Action Plan
- Monitor Funding Rates: Increased funding to positive levels while the price struggles to break recent highs may indicate selling pressure.
- Price Action Near ATH: Observe how the price reacts to the ATH of 2021. A strong bounce and consolidation above this level are bullish signs.
- Moving Average Support: Continuation above the moving average support could indicate sustained bullish momentum.
### Conclusion
The fractal pattern appears to be valid as of now, but close monitoring is essential. Key indicators such as funding rates, price action around the ATH, and moving average support will provide further insights into potential market direction. Stay vigilant for signs of bullish continuation or bearish rejection based on these parameters.
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Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a professional before making any investment decisions.
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