Bulls beware: fractal suggests Bitcoin will soon plummet to yearly lows

2020-1-19 15:29

Bitcoin (BTC) appears to be the best performing major asset in the world so far in the new decade, as it has been able to post a massive climb from its recent low of $6,800 that was set in the early part of Jan 2020.

BTC has been able to further extend this newfound momentum today, allowing it to tap its key near-term resistance before facing a slight sell-off.

It is important to note that bulls are contesting this resistance level at the moment, which has led many investors to think that a break above this level is inbound.

In spite of this, an eerily accurate fractal pattern is now suggesting that Bitcoin’s visit to $9,000 could mark a mid-term top for the cryptocurrency, which could subsequently be followed by a drop towards $7,000.

Bitcoin Struggles to Break $9,000 Despite Strong Momentum

It appears that Bitcoin is currently facing a significant amount of selling pressure at $9,000, as its strong upward momentum has not been enough to decisively propel the crypto above this level.

In the near-term, analysts are closely watching to see how it responds to this price point, with a break and sustained hold above this level potentially being enough to send BTC up towards $10,000.

Before hitting $10,000, however, the significant amount of sell orders that currently sit at around $9,200 could prove to be one more hurdle the crypto has to jump over before it makes a strong movement towards the coveted five-figure price region.

This Fractal Suggests $9,000 Could Be a Mid-Term BTC Top

One factor that should be kept in mind is that Bitcoin’s current price action is closely mirroring a bearish fractal formation, which—if this eerily close correlation is to continue—suggests that BTC may soon face a decisive rejection at $9,000 that leads it into the $7,000 region.

NebraskanGooner, a well-respected cryptocurrency trader and analyst on Twitter, spoke about this striking fractal in a recent tweet, noting that it could soon be confirmed if BTC is rejected at the trendline he references in the below chart.

“Fractal update: This is crazy! Price rejected at almost the exact dollar as the mini-fractal showed. If it holds true, the top could be in. Wait for confirmation of this trend line hold as resistance. According to this, shorting a retest of 9k is the next play before 7k,” he explained.

Image Courtesy of NebraskanGooner

How Bitcoin trend in the coming hours and days should clarify the validity of this fractal, but it is something that highly bullish traders should keep in mind.

The post Bulls beware: fractal suggests Bitcoin will soon plummet to yearly lows appeared first on CryptoSlate.

origin »

Bitcoin (BTC) на Currencies.ru

$ 94683.77 (-0.43%)
Объем 24H $53.489b
Изменеия 24h: 2.94 %, 7d: -4.06 %
Cегодня L: $91951.2 - H: $95752.95
Капитализация $1875.1b Rank 1
Цена в час новости $ 8640.42 (995.82%)

bitcoin massive climb able low early part

Источник: cryptoslate.com

bitcoin massive → Результатов: 126


Фото:

The Bull Market is Back: Bitcoin Explodes as Tesla Loads up on 10-Figures Worth of BTC

Bitcoin’s price soared higher today on news of Tesla acquiring $1.5 billion worth of BTC to add to their balance sheets This news was revealed in a recent SEC filing and naturally caused the entire crypto market to make a massive move higher This news is already driving massive demand towards Bitcoin, with on-chain data revealing a massive premium on Coinbase This is typically a bullish sign because it signifies that an uptrend is being […]

2021-2-9 17:53


Bitcoin Rallied 230% Last Time This Signal Flashed, And It’s Back Again

While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market. Related Reading: Watch Out, This New Bitcoin Scam Is All Over Youtube Massive Bitcoin Bull Sign About to Flash Prominent cryptocurrency trader MoeMentum... The post appeared first on NewsBTC.

2020-1-27 14:00


The Aftermath of Bitcoin’s Massive Rally May Not Be as Bullish as It Seems

Bitcoin (BTC) has been firmly controlled by bulls over the past two weeks, with the cryptocurrency garnering massive momentum after it dipped to lows of $6,800 earlier this month. Ever since it bounced from these lows, Bitcoin has been caught in a firm uptrend that has allowed it to surge towards the $9,000 region, which... The post appeared first on NewsBTC.

2020-1-15 00:00


Bitcoin gives massive utility to users, despite volatility: Paxos Global CEO

Bitcoin is navigating a very difficult market these days. Over the past 31 days, Bitcoin’s valuation has fallen by a massive 26.09 percent, depreciating from $10,048 to $7,427. 2019’s early bullish sentiments have been driven away, with Deribit exchange going as far as placing only a 4 percent probability on Bitcoin breaking its ATH post […] The post Bitcoin gives massive utility to users, despite volatility: Paxos Global CEO appeared first on AMBCrypto.

2019-10-25 15:00


Crypto Winter Thaws as Bitcoin Investment Firms Raise Nearly $275 Million

Down more than 82 percent from its all-time high at $813 billion, the crypto market technically remains neck-deep in a 15-month long bear market that began in January 2018. But, in recent months, with support from some of the largest financial institutions in the global market, the crypto industry has seen significant progress in areas including institutionalization, regulation, and adoption.

2019-3-29 20:40


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

The case against BlackRock’s foray into Bitcoin

Bitcoin (BTC) received a much-needed boost when BlackRock, the world’s largest asset manager, announced its partnership with Coinbase to offer institutional clients access to BTC. The post The case against BlackRock’s foray into Bitcoin appeared first on CryptoSlate.