Crypto Analyst: Bitcoin Continues To Follow Bear Market Bottom Fractal
After Bitcoin price broke down from its multi-month triangle formation, the entire crypto market is watching, waiting, and wondering where the bottom of the current downtrend is.
But according to a fractal that appears shockingly similar to Bitcoin’s bear market bottom, the crypto asset has already bottomed and is about to explode back up to retest – and potentially break above – former highs.
Bitcoin Bear Market Fractal Is Too Compelling To Ignore
Fractals are among the most contested chart patterns of the crypto analyst community. Some believe that fractals can be like roadmaps for predicting price movements in assets like Bitcoin and other crypto assets, while others think that they’re not only worthless, but adhering to them can cloud judgment, cause bias to occur, and lead to poor trading results.
Related Reading | Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?
However, oftentimes, these fractals can be so compelling by comparison to past price movements, they become difficult to ignore. Such is the case with the current price action playing out in Bitcoin markets following the deep September drop.
After Bitcoin’s triangle broke down, it resulted in a powerful $2,000 drop to from $10,000 to $8,000, and leading crypto asset by market cap has struggled to even make an attempt at getting back over $9,000 so far. But if this fractal plays out not only will $9,000 be broken, but $10,000 will be reclaimed, and Bitcoin will go on to set a new all-time high.
The idea is all based on a fractal that matches up almost perfectly with Bitcoin’s bear market bottom. According to a crypto analyst, the similarities are starting to “get weird” they’re so chillingly accurate.
Ripple (XRP) Trading Near Make-or-Break Levels, Can Bulls Break This?
Friday February 21, 2020
Ripple corrected lower sharply and broke the $0.3000 support area against the US Dollar. XRP is now trading near the key $0.2640 support and it must break $0.2900 for a fresh increase. Ripple price...
The post Ripple (XRP) Trading Near Make-or-Break Levels, Can Bulls Break This? appeared first on 12bitplay - Bitcoin Play.
It's pretty crazy.
$10k $BTC next week?https://t.co/bN8XbFNKTn
— John Smith (@johnsmith3264) October 11, 2019
The Simpsons Just Ran a Bitcoin Segment, and Crypto Twitter Is Raving About It
Sunday February 23, 2020
It’s happened: Bitcoin and cryptocurrency got their own segment, albeit brief, on The Simpsons — one of television’s most popular shows. Ever. So what exactly happened during that segment? And more importantly, how is...
The post The Simpsons Just Ran a Bitcoin Segment, and Crypto Twitter Is Raving About It appeared first on 12bitplay - Bitcoin Play.
According to the fractal, the rejection overnight last night that sent Bitcoin price from $8,800 to $8,300 in minutes, mimics the rejection at $4,100 midway through March 2019 – just a couple weeks before Bitcoin broke up out of that trading range and went on a seemingly unstoppable parabolic rally, and generated over 350% ROI for investors who bought the bottom.
Could $10,000 Level Be Reclaimed As Early As Next Week?
Other analysts chimed in on the conversation and added that if the previous lows aren’t broken, Bitcoin price could retest $10,000 as soon as next week. If Bitcoin price can reclaim $10,000 so quickly after a drop, the market will likely view that as extremely bullish, and could result in the first-ever crypto asset continuing on what most believed to be its next bull run.
Related Reading | NVT: Top and Bottom Indicator Signals Time To Buy Bitcoin
After Bitcoin reclaims $10,000, it will still need to also take back price levels at $11,000, $12,000, $13,000, and break the local high of $14,000 to put an attempt of the previous all-time high of $20,000 on the table.
Featured image from Shutterstock
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OKEx Now Offers Real-time “Tick-by-Tick” Market Tracker for All of Its Trading Products
Saturday February 22, 2020
The leading crypto exchange and trading platform OKEx has announced the launch of real-time market trackers across all of its trading instruments. The market tracker christened “Tick-by-Tick” functions via OKEx API to help traders...
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