Story by: BITCOINIST
BITCOIN PRICE FORMS ECHO BUBBLE FRACTAL OF BEAR MARKET
Fractals are repeating patterns found all over nature, in the petals of flowers or even snowflakes. They’re also found regularly on the price charts of financial assets. Very important tools that can be used to predict future movements.
The current structure found on Bitcoin price charts resembles a near-perfect fractal of the prior bear market descending triangle, that ultimately broke down taking BTC to its bottom at $3,100.
Ok , now touch all :))! https://twitter.com/crypto_akiramax/status/1192737218705555456 …Akira Max@Crypto_AkiraMax
#BTCUSD : 1D does not have any indicators to support the price increase, 6H of the “descending triangle” if confirmed will bring the price to 8000-8200, the price channel at 1d can still make BTC price return to 6800-7000.
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The asset traded within that pattern for the bulk of 2018, before breaking down and dropping another 50% in value before the cryptocurrency began to build a base, and rebounded into the 2019 parabolic rally.
But that rally was stopped short at roughly $14,000, forming the top of a new descending triangle, that has since begun to break down. Where will the bottom be this time around?
BTC SHORT-TERM BOTTOM LIES AT $4,000
The critical support zone also resides firmly along a long-term trendline that has supported Bitcoin since the $3,100 bottom in December 2018. It dates back before the epic 2017 bubble, where Bitcoin reached a price of $20,000 per coin before collapsing.
This trendline absolutely must hold, or Bitcoin’s longevity as a financial asset could be in jeopardy. However, a touch of the trendline, if it holds, would be extremely bullish, confirming the former trading range as resistance turned support. This is turn could be a base from where Bitcoin would kickstart it’s recovery.
However, dropping to such abysmal depths once again could cause crypto investors to panic, resulting in a deeper price drop.by