Sorry Bitcoin bulls, but this dangerous BTC fractal can’t be missed
The bitcoin price managed to crack its previous all-time high at $58,000 after a couple of attempts, rising to $58,200. However, a fractal has been spotted in the recent price action that fits the 2019 rally and simply cannot go uncommented. Here’s a closer look at the Immediate Edge app fractal and what it could suggest if the same path is followed as last time it appeared ominous.
Bitcoin fever spreads – but battle for all-time high could be bearish
Bitcoin FOMO is in full swing – like never before. It is attracting not only retail investors, but also traders, corporations, hedge funds and institutional investors.
The impact these new participants have had on the price rise so far has been nothing short of incredible.
From a low of under $4,000 almost a year ago, the leading cryptocurrency by market capitalisation has risen to a current high of more than $58,000 per coin today. The price per BTC has pushed the cryptocurrency’s total market cap to more than $1 trillion.
But at these heights, the cryptocurrency met its first serious resistance, and it has struggled. The latest attempt was pre-emptively beaten down by the bears.
Is the bearish fractal delivering bearish results?
When bitcoin (to buy bitcoin guide) first left its lower trading range at below $4,000, the cryptocurrency shot up to $14,000 almost immediately. The uptrend ran out of steam and eventually corrected back down to confirm the area as support on Black Thursday last year.
Momentum in the current uptrend is waning, albeit marginally, but a fractal in the 2019 rally could indicate that bitcoin is on the verge of toppling again.
Both rallies started with a reasonable uptrend line that eventually became increasingly vertical. At the peak of the parabola, there is a major rejection, a failed retest and a breakdown.
Then Bitcoin reached $58,000 and was immediately sent back to below $50,000.
In the most recent retest, however, Bitcoin then climbed higher, to a new all-time high of $58,200 – and then fell back to just $56,000. Consequently, the chances are also not bad that BTC will start another run to $58,200 in the near future and then shoot above it.