“All-Knowing” Bitcoin Fractal That Predicted Drop to $6,600: BTC to Fall 20%
Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life. Few predicted the subsequent bounce to $7,800, where BTC sits as of the time of writing this, too.
Though, one trader has been calling the moves all along, using a lesser-known and slightly unorthodox method of analysis to predict the directionality of the Bitcoin and cryptocurrency market.
Related Reading: Make or Break: Bitcoin Price Closing In On Key Monthly Support Level
Bitcoin Fractal Implies Impending Doom
Over the past few months, a popular trader on Twitter, NebraskanGooner, has been touting what is known as a “fractal” via his social media pages.
A quick aside for those unaware of what a fractal is: a fractal, in financial markets, is when the historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset. While some analysts see them as pure coincidences, analyses have found that fractals can work well for Bitcoin and other cryptocurrencies, potentially due to the inherent cyclicity of this market.
Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”
Nebraskan’s fractal has been extremely accurate over the past few weeks. In fact, it predicted Bitcoin’s dramatic price drop to $6,600 weeks before it took place, and the subsequent recovery to nearly $8,000 seen over the past few days.
The same fractal, which is an overlay of one of Bitcoin’s previous market cycles, suggests that Bitcoin’s trend line breakdown retest, which took place in the previous market cycle that is being fractaled, is complete, implying that BTC has found a local top at $7,800. Should the fractal continue to play out, BTC will head towards the $6,200-$6,300 region in the coming two-odd weeks, which would mark a drop of 20%.
Bitcoin Saw a “Mega Rejection” at $9,200, And It Should be Worrisome for Bulls
Sunday January 26, 2020
Over the past few days, Bitcoin (BTC) has stalled, finding itself between a rock and a hard place. Many analysts are currently undecided where the cryptocurrency will go in the next few weeks, though...
The post Bitcoin Saw a “Mega Rejection” at $9,200, And It Should be Worrisome for Bulls appeared first on 12bitplay - Bitcoin Play.
The all knowing fractal says the top is likely in for now.
Trend line breakdown retest looks completed.
Will be interesting to see if this continues to play out. pic.twitter.com/Bs1xQHZdoV
— NebraskanGooner (@nebraskangooner) November 29, 2019
A Deep Retracement For Ethereum and XRP is Inevitable, Based on This Indicator
Monday January 20, 2020
All last week, the altcoin market was on fire, with many crypto assets – including Ethereum and XRP – breaking out from downtrend resistance and going on massive rallies – some of which set...
The post A Deep Retracement For Ethereum and XRP is Inevitable, Based on This Indicator appeared first on 12bitplay - Bitcoin Play.
What’s interesting is that the drop has already started to take place. As of the time of me updating this piece, the leading cryptocurrency has slipped to $7,400, putting in a local top right where the fractal said that a top would be put in.
Related Reading: Altcoin Returns to ICO Price After 11,100% Run: Bitcoin Dominates Crypto Market
Featured Image from Shutterstock
The post “All-Knowing” Bitcoin Fractal That Predicted Drop to $6,600: BTC to Fall 20% appeared first on NewsBTC.
Here’s Why Wall Street Veteran Thinks Bitcoin Isn’t a Viable Money, Yet
Tuesday January 21, 2020
2019 was marked by some of the world’s most powerful people talking about Bitcoin in public settings. President Donald Trump said in a surprise Twitter thread that cryptocurrencies, from BTC to Libra, are no...
The post Here’s Why Wall Street Veteran Thinks Bitcoin Isn’t a Viable Money, Yet appeared first on 12bitplay - Bitcoin Play.