An accurate bitcoin fractal from 2019 shows its price at or above $20,000 by the end of 2020.
The cryptocurrency is forming ascending price channels after each successive upside move, signaling continuation to the upside.
Their occurrence alongside other bullish fractals last year shot the price up by more than 150 percent.
Bitcoin is going to hit $20,000 by the end of this year, according to a precise technical pattern.
The benchmark cryptocurrency is currently trending inside a rising channel, confirmed by the formation of more than two reacting highs and lows. The price bounces off the lower trendline of the channel support to target the upper trendline, which is resistance.
Similarly, it corrects lower after testing the upper trendline to reclaim the lower one. As long as the price fluctuates inside a rising channel, its bias remains bullish. That typically follows with a breakout in the direction of the previous trend. Since bitcoin was rising before the channel’s formation, its likelihood of heading upward is high.
BTCUSD rising channel patterns since 2019 | Source: TradingView.com, Coinbase
The analogy takes cues from a 2019 fractal. As shown in the chart above, the bitcoin price broke out of its 2018 bearish range in December 2018. It rose steadily inside a rising channel before an upside breakout on April 2, 2019, shot the price upward from $4,132 to $5,121.
That led to a price rally that would exhaust near $14,000 in June 2019. The upside, meanwhile, formed two ascending channel patterns, each resulting in a massive breakout.
Same Pattern, Different Year
Bitcoin in 2020 is repeating a similar pattern. The cryptocurrency reversed after dipping to its yearly lows below $4,000. It then trended inside a Rising Wedge, which is, technically, a bearish indicator. Nevertheless, traders invalidated it to establish a more definite bullish bias.
The price eventually rose above $10,000 before it corrected lower to find support above $8,000. That led to a series of similar attempts. The price rose and form higher highs and higher lows, with its recent move almost closing-in towards $10,500. The fluctuation locked the price inside a rising channel pattern.
Golden Cross formation strengthens Bitcoin’s bull case | Source: TradingView.com, Coinbase
While rising, bitcoin also formed a “Golden Cross” – a technical indicator that occurs when an asset’s short-term moving average (blue) crosses over its long-term moving average (orange).
The cryptocurrency painted the same Golden Cross during its 2019 rally, right while it was trending inside the second rising channel pattern. Conjugating it with the current upside scenario also serves as a strong bullish case for Bitcoin.
Why a $20,000 Bitcoin?
The last set of rising channels, as well as the formation of a Golden Cross, helped bitcoin to surge by more than 150 percent. Meanwhile, the move uphill also appeared against a string of supportive macro indicators, such as a falling yuan, Facebook’s Libra launch, and rising U.S.-China trade worries.
Bitcoin could repeat a 150 percent price rally because of underlying fundamental and technical factors. Even today, yuan risks falling because of increasing geopolitical tensions between the U.S. and China. Meanwhile, quantitative easing from central banks around the world is making Bitcoin an ideal store of value, like gold.
“Bitcoin ended 2019 at about $7,000, near the bottom of its range, favoring a shift toward the peak,” noted Bloomberg in its latest report. “Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the new band, and mean little in the big picture.” origin »
After repeated attempts, Bitcoin has been unable to break through resistance at $10,000. However, a fractal that matches up nearly perfectly with price action from exactly one year ago, could point to the leading cryptocurrency by market cap finally breaching the key level, and pushing higher to $15,000.
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The Bitcoin (BTC) price is possibly following a fractal that begins in October 2015. If it continues doing so, it will reach a high of $10,000 by May 7, at the latest. The fractal was identified by cryptocurrency trader @Yodaskkk, who tweeted two pictures while comparing the recent Bitcoin movement to that in August 2015, […]
The post Bitcoin’s 2015 Fractal Indicates Price Will Continue to Increase appeared first on BeInCrypto.
XRP is yet another cryptocurrency that has been relatively stagnant. But just like another altcoin that is very closely related to the number three ranked crypto asset that recently saw a strong surge in price, a repeating fractal on XRPUSD price charts could point to a redemption rally and the start of a new uptrend....
Throughout April and May 2019, the Bitcoin (BTC) price has traded inside an ascending wedge. Even though this is considered a bearish reversal pattern, the price broke out and increased by more than 100 percent afterward.
The Bitcoin (BTC) price has been increasing since reaching a bottom of $3850 on March 13. The latest movements hold many similarities to those after the January 2015 bottom, which was the final low prior to a more than two-year-long upward move.
Bitcoin traders expect the cryptocurrency to hit $8,000 on halving sentiment. They also see the price falling to $6,800 first based on a technical fractal. Both levels have a higher volume profile since 2017, which makes the bullish case stronger.
Despite the overarching risks of an economic recession, Bitcoin has performed well over the past few weeks, rallying higher and higher over week after week, shunning off bearish narratives. In fact, since the $3,700 bottom, the cryptocurrency has gained over 80%, reaching as high as $7,500 but now trading at $7,050 as of the time of this article’s writing.
In the early hours of April 16, the Bitcoin price had decreased considerably, reaching a low of $6,486. However, a very rapid upward move followed afterwards, taking the price to $7,161 within the day.
On April 15 the BTC price decreased considerably, at one point reaching a low of $6,461. In addition, the closing prices were the lowest reached so far in April. However, the trend reversed the next day, and BTC has increased by almost 10% on the day.
On April 7, the Bitcoin price reached a high of $7,469. However, it immediately began a downward move and has created two successive lower-highs since then. This raises the possibility that the price is following a fractal from an almost identical movement that began on February 13.
On March 12, the Bitcoin price began a rapid decrease and reached a low of $3,850 the next day. However, it proceeded to move upward and reached a weekly close above the 200-week moving average (MA).
On March 25, the XRP price briefly decreased below the support line of its long-term trading range. It followed this with a bullish engulfing candlestick the next day. A similar movement that transpired in September 2019 marked the beginning of an upward move with a magnitude of 60%.
March 12 marked the biggest daily decrease in the Bitcoin price by percentage terms. The next day, the price reached a low of $3,850 and has been increasing ever since. The movement caused many to speculate that a very similar movement occurred in January 2015.
Last week, the Bitcoin price decreased by more than 40% and dropped below its 200-week moving average (MA) as a result. However, the price has reversed this week, making up the majority of the previous losses.
Last week’s Bitcoin price decrease was very similar to a previous drop that transpired in February 2014. If the fractal continues to hold true, it would mean that the BTC price has yet to reach a bottom.
Over the past few days, Bitcoin has started to trend higher; since hitting $8,400 last weekend, the price of the leading cryptocurrency rallied as high as $9,250 on Saturday morning. Although there are many optimists saying that this price action is a precursor to even greater gains — Bloomberg suggested that BTC could soon hit...
It is possible that the Bitcoin price is following a fractal from January 2019 — which suggests that the leading digital currency’s price will soon reach a high and begin to decrease. Bitcoin (BTC) Price Highlights The Bitcoin price might be following a fractal from January 2019.
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Bitcoin is risking massive price declines below $9,000 as a historically accurate fractal indicates traders’ sell-off sentiment. The benchmark cryptocurrency’s tendency to retest the $8,750 level increased after it confirmed a bullish reversal pattern last week.
On Monday, for the third or fourth day in a row, the price of Bitcoin continued to correct lower. The cryptocurrency, at its worst on Monday, fell to $9,500 — just under 10% under the $10,500 peak seen the prior week.
Over the past week, Bitcoin has been on an absolute tear, rallying by 8. 7% in the past seven days, per data from Coin360. The price of the leading cryptocurrency’s latest rally has been marked by BTC ripping past key price points in the $9,000s, then most recently decisively taking the psychological $10,000 level.
The Enjin Coin (ENJ) price has broken out above a significant resistance area. A similar breakout was the catalyst for the all-time high price reached in March 2019. Enjin Coin Price Highlights ENJ is following an ascending support line.
After facing a constant stream of buying pressure that led Bitcoin’s price to climb as high as $9,550, BTC faced a large influx of overnight selling pressure that sent it reeling down to lows of $9,200 before it found some support.
The Ontology price is making an attempt at breaking out above a descending resistance line. Due to a bullish pattern and a similar previous fractal, it looks like it could be successful and move towards the next resistance area this time around.
Bitcoin and Gold have often been compared to each other, with the former sometimes being called ‘digital gold. ’ Naturally, this has led to the use of fractals in the price of one to attempt and predict the price of the other.
Over the past week, Bitcoin (BTC) has started to show signs of weakness after a 40% uptrend in a month. Since establishing a $9,200 multi-month around seven days ago, the price of the leading digital asset has plummeted by 11% to $8,200, where it trades as of the time of writing this.
Bitcoin has seen some afternoon volatility today after the cryptocurrency dipped as low as $8,400 before quickly surging up towards $8,800. This dip and subsequent rise further confirms the massive amount of support that exists directly below BTC’s current price level, and bolsters its bulls.
Over the holiday season, Bitcoin (BTC) has stalled in the low-$7,000s, finding itself stuck between heavy macro support in the mid-$6,000s and rather pertinent resistance in the high-$7,000s, which the cryptocurrency has been rejected by multiple times.
Over the past few weeks, Bitcoin (BTC) has been consolidating in the range around $7,000, seemingly stuck in between a rock and a hard place. Indeed, the cryptocurrency has many times bounced in the mid-$6,000s, where there is macro support, and has been rejected multiple times in the resistance band around the high-$7,000s.
On December 18, the Bitcoin price made a double bottom near $6400 and began an upward move that is still ongoing. This increased the possibility that this is the first stage of a new upward trend.
The Bitcoin price has been trading in a bearish pattern but has shown curious signals of bullish momentum. The direction of the ensuing movement could possibly determine the direction of BTC’s next long-term trend.
Ethereum has not handled the recent Bitcoin price decrease well. It has decreased at a much faster rate than the cryptocurrency market leader — losing 12 percent of its value in the ETH/BTC pair.
The crypto bubble and Bitcoin’s meteoric rise often gets compared to past bubbles, such as tulip mania, or the dot com crash. But could Bitcoin’s price chart actually be following an echo-bubble fractal found on NASDAQ’s price charts from after the dot com bubble burst? Bitcoin Following NASDAQ Post Dot Com Collapse Fractal The leading.
On November 25, 2019, the Bitcoin price reached a low of $6618 and immediately reversed — reaching a high of $7913 after four days. It has been decreasing since. The decrease has taken the shape of a descending wedge.
The current Bitcoin movement has several similarities with the bottom reached in 2018. If the price acts in the same way, it should consolidate until February before breaking out. The Bitcoin price has been increasing since November 25, when it reached a low of $6615.
The Bitcoin price has been increasing since reaching a low of $6,616 on Nov 25. Comparing to the fractal from the December 2018 bottom, the current price would be currently in the accumulation phase prior to a breakout.
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.
The Bitcoin price is possibly following a fractal from December 2018. If it continues doing so, it will make a final low at $7300 before initiating an upward move. The Bitcoin fractal predicts an upward move to occur on December 9.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
