While Bitcoin is up 5% over the past two days, the crypto-asset market remains in consolidation.
After hitting $10,100 in late April, the cryptocurrency has stagnated under that key level. It has since traded in a relatively tight consolidation pattern from $8,500 to $9,500, failing to move decisively out of this range.
Though a popular trader says that Bitcoin is currently showing signs it will soon rocket higher. The sign cited is a fractal the asset has tracked for the past three years.
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Bitcoin Is Preparing to Rally to $20,000: Fractal
Markets seemingly move without rhyme or reason, but this isn’t always the case.
Due to the psychology of investors, there are technical formations called fractals that show price action can repeat at different times and for different assets. As Investopedia explains:
“Fractals also refer to a recurring pattern that occurs amid larger more chaotic price movements”
A prominent trader in 2019 identified that Bitcoin’s price action since early-2017 looks much like the stock of Amazon did from the Dotcom Boom to the recovery after the Great Recession. In other words, BTC may be following an Amazon fractal.
While this pattern was identified in late-2019, it has held up until today. The fractal predicted that Bitcoin would top early on this year, along with the capitulation event that took place in March.
Bitcoin and Amazon fractal chart from a popular crypto trader “Mr. Chief” (@HaloCrypto on Twitter).
Should the fractal play out in full, Bitcoin will soon surge back towards the $20,000 highs as the chart above indicates.
The fractal also predicts that by early 2021, the leading cryptocurrency will have established a new all-time high, likely at $25,000 and beyond.
Not the Only Bullish Factor
The fractal isn’t the only factor that has analysts bullish on Bitcoin.
As reported by NewsBTC, the crypto market could soon surge as the Chinese yuan continues to slide against the U.S. dollar.
The recent tensions in Hong Kong and the subsequent global response have weakened the Chinese currency against other currencies.
Against the dollar, the yuan is at lows not seen since the peak of 2019’s trade war. This is due to the sanctions the U.S. intends to place on Chinese companies in the near future, along with potentially similar moves from other global powers.
Analysts say that this trend of the yuan devaluing could act as a boost to Bitcoin. Chris Burniske, a partner at Placeholder Capital, remarked on the matter:
“If China’s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.”
If China's $CNY continues to weaken against $USD, then we could have a 2015 and 2016 repeat (pictured below), where $BTC strength coincided with yuan weakness. https://t.co/ISVJAZMX5O pic.twitter.com/VApfxe1SFw
— Chris Burniske (@cburniske) May 22, 2020
Related Reading: The $90 Million Bitcoin Pizza Story Has an Unexpected Silver Lining
Featured Image from Shutterstock origin »
Even though Bitcoin has a high probability of a continued decline, multiple indicators show that it there’s also an opportunity for a bullish impulse up to $9,800. Technical analysis Bitcoin recently broke out of a three months long consolidation period that began on June 26 when it peaked at nearly $14,000.
Bitcoin (BTC) has been facing a long bout of consolidation ever since it was rejected at its 2019 highs of $13,800 earlier this summer. Simultaneously, the equities markets have also faced a period of consolidation throughout 2019, after trade tensions and global political instability slowed the market’s meteoric ascent.
As the Bitcoin consolidation continues, traders and analysts are scouring the charts again looking for the next direction. In the short term most are of mixed opinion but one analyst has predicted a big fall before any upward price momentum is resumed.
Bitcoin threatens to break above $11,000 once again after its recent drop to $9,500. Although BTC dominance appears overdue for a major correction, it still remains bullish from a technical perspective.
Bitcoin threatens to break above $11,000 once again after its recent drop to $9,500. Although BTC dominance appears overdue for a major correction, it still remains bullish from a technical perspective.
In my previous analysis, we looked at the strength of the new Bitcoin uptrend as price levels traded just below $11,000 resistance. Since then, bulls have been well in control resulting in further upside towards $12,000.
There has been very little movement on bitcoin price charts over the past couple of days. BTC has found its temporary floor in four figures and the consolidation has continued in a tight range bound channel.
As large financial institutions such as JPMorgan become bullish on the S&P 500, three major stocks – Starbucks, Walt Disney, and Adobe – are threatening to take out their all-time highs. Starbucks (SBUX) Resumes Strong Uptrend After a Three-Year Consolidation Period In trading and investing, there’s a saying that goes: “the longer the base, the […]
The post Starbucks, Walt Disney and Adobe Are Blasting to Fresh Highs appeared first on CCN Markets
The long-awaited Bitcoin price correction has failed to materialize yet again as the king of crypto has held on to gains over the weekend. Consolidation around $12000 appears to be forming and the uptrend is still clearly very strong.
The short-term is in the downtrend while the medium-term outlook is in a range-bound market. Traders should be patience trading the consolidation. BCH/USD Medium-term Trend: Ranging Supply zones: $500, $600, $700 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term continues in a range-bound market. The weekend witnessed a mixed market with price up […]
Bitcoin (BTC) and the aggregated crypto markets have been facing a bout of sideways trading over the past couple of days, oscillating between the mid-$7,500 region and the lower-$8,000 region for the past several days.
The short-term is in a downtrend while the medium-term outlook is in a range-bound market. Traders should be patient trading the consolidation. BCH/USD Medium-term Trend: Ranging Supply zones: $500, $600, $700 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term remained in a range-bound market. The breakout of the upper range on 29th May […]
The short-term is in the bearish trend while the medium-term outlook is in consolidation. Patience is required at this period. BCH/USD Medium-term Trend: Ranging Supply zones: $500, $600, $700 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term remained in a range-bound market.
The short and medium-term outlook is in consolidation. Patience should be exercised at this period for a defined trend before taking a position. BCH/USD Medium-term Trend: Ranging Supply zones: $500, $600, $700 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term is a range-bound-market. Price was up at $458.06 in the upper supply area […]
The short and medium-term outlook is in consolidation. Patience is required for price to take a define direction. BCH/USD Medium-term Trend: Ranging Supply zones: $500, $600, $700 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term continues a range-bound-market.
The short-term outlook is in a bullish trend while the medium-term outlook is in consolidation. The double bottom formation will confirm the upward continuation. BCH/USD Medium-term Trend: Ranging Supply zones: $400, $500, $600 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term remains in a range-bound market. The bullish pressure was at $312.02 in […]
The short and medium-term outlook is consolidation. Patience is key at the period. BCH/USD Medium-term Trend: Ranging Supply zones: $400, $500, $600 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term continues in a range-bound market.
The short and medium-term outlook is in consolidation. Patience is recommended at this period. BCH/USD Medium-term Trend: Ranging Supply zones: $400, $500, $600 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term is in a range-bound market.
Summary:Buying pressure continues as the bitcoin market holds above the macro, bearish trendline and the monthly resistance level. There was a small amount of selling pressure but it was absorbed by eager bulls.
Bitcoin price finally broke out of a ten day consolidation above $3,500 this morning, having held the 38. 2% retracement level for the majority of last week. We take a look at what this means going into the week.
Latest Bitcoin News Crypto and Bitcoin prices are all over the place. Volatility is back and after temporary weeks of consolidation above the $5,800–$6,000 support—now important resistance level, November double-digit losses redefined short-term Bitcoin price trajectory.
BCH and BTC markets have begun the year with consolidation, with BCH bouncing between $150 and $175 and BTC trading within a $3,500 to $4,000 range on Bitstamp, and $3,700 to $4,300 on Bitfinex. In other market news, a bullish start to the year has seen ETH reclaim its position as the second largest cryptocurrency […]
The post Markets Update: BCH and BTC Consolidate, ETH Regains Second Spot appeared first on Bitcoin News.
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Bitcoin Price Analysis: BTC/USD Trends of December 10–16, 2018
A breakout below the support level of $3,094 will further decline in Bitcoin price towards $2,261 - $1,500 price level.
FOMO Moments Sleepy Sunday in crypto land; Veritaseum making a move, Ravencoin flapping. It is another slow Sunday in crypto land with markets still slumbering. There has still been no movement for most of the major cryptocurrencies leaving markets at the same level around $210 billion.
A strong round of buys hit the market this weekend as unsubstantiated rumors began to circle surrounding Tether and Bitfinex’s potential insolvency. I won’t be going into the details surrounding the allegations because, like I said, they are nothing more than unsubstantiated rumors.
The stability of Bitcoin has always been a bit shaky, however, over the past month or so, the leading crypto has been surprisingly… still. If you asked anyone earlier in the year why Bitcoin could never replace fiat currencies the first reason would most likely be due to its volatility and stability.
BTC-USD BTC successfully crossed the $6,500 resistance line on August 17 and held it over the weekend. On Monday, however, the price dropped back down to the same old $6,300 to $6,500 price corridor.
BCH/USD Medium-term Trend: Ranging Supply zones: $1000, $1100, $1200 Demand zones: $600, $500, $400 BCH remains is in consolidation in the medium term outlook. The strong bearish pressure pushed price down to $782.
BCH/USD Medium-term Trend: Ranging Supply zones: $900, $950, $1000 Demand zones: $600, $550, $500 Bitcoin Cash is in consolidation in the medium term outlook. $811. 13 in the supply are was the new high the coin made due to the bullish pressure that took price from $717.
In the previous BTC-USD market analysis, we discussed a macro pattern forming, called a “symmetrical triangle. ” A symmetrical triangle (shown in red) is a directionally agnostic consolidation pattern.
Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.
Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone.
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone.
Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.
Elon Musk’s crypto investments have soared to staggering new heights, with the combined Bitcoin holdings of Tesla and SpaceX reaching an estimated value of $2 billion.
