Bitcoin Could Flatline for the Next Few Weeks: Here’s Why
Bitcoin is likely to flatline in the low-$11,000s in the coming two to three weeks according to a recent fractal analysis.
A fractal, in technical analysis terms, is when an asset’s price action is repeated again on a different time frame or with a different market. Fractals are used to predict in which direction an asset will head after a historical pattern is seen.
Two individuals think Bitcoin is currently trading in a fractal of the May to July consolidation. During that consolidation, BTC spiked prior to flatlining for a number of weeks in a tight range.
Bitcoin undergoing the same pattern now, according to the analyses, will mean it flatlines for the coming two to three weeks between $10,800 and $11,400.
Chart of BTC's price action over the past few months with a fractal analysis by crypto trader/chartist "Nunya Bizniz" Chart from TradingView.com
Upside Is Likely After Consolidation
The fractal suggests that Bitcoin will move higher after the ongoing consolidation period. Fundamentals and other technical analyses corroborate this expectation.
Dan Tapiero, co-founder of Gold Bullion Int. and other firms, commented that the asset is breaking out of a macro consolidation pattern:
Arthur Hayes, CEO of BitMEX, is also optimistic about what’s to come for Bitcoin.
Hayes thinks that the monetary and political uncertainty will drive value to BTC:
He previously stated that Bitcoin would trade at $20,000 in 2020.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Fractal Shows Bitcoin Will Flatline Around $11,000 For Two Weeks
Originally from Bitcoinist.com https://ift.tt/3b644sw
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