Hello Community,

welcome to my analysis of BTCUSD from a weekly timeframe perspective. The historical fractal formation that I spotted with BTCUSD is an important formation that is guiding the upcoming price action of BTCUSD. I have outlined this formation already before outlining the important levels and scenarios to consider. At the moment, BTCUSD is already following this whole fractal once again, increasing the potential for a massive bullish expansion to emerge.

Since my introduction of the major fractal formation, BTCUSD pulled back from the neckline and increased bearish pressure to the downside. The rejection off the neckline was almost perfect and also matched the EMA resistance. Now, BTCUSD is already continuing to approach the lower levels of the descending wedge formation. When the ascending uptrend line is met again, this will lead to a solid lower level of the head of this pivotal inverse head-shoulder formation.

Also, the MACD pattern shows a high similarity with the historical MACD fractal as well. Historically, the MACD also determined the reversing MACD divergence during the forming of the head-shoulder formation. This exact pattern is forming now once again. The MACD is forming higher highs while the head-shoulder formation continues to be completed. There is still supply in the market that hasn't been sold yet. In order for the head to complete appropriately, it is necessary that the remaining supply is sold for BTCUSD to approach the ascending uptrend line.

In this manner, thank you a lot for watching!
The support is highly appreciated.

VP