Over the past few weeks, Bitcoin (BTC) has been consolidating in the range around $7,000, seemingly stuck in between a rock and a hard place. Indeed, the cryptocurrency has many times bounced in the mid-$6,000s, where there is macro support, and has been rejected multiple times in the resistance band around the high-$7,000s.
According to an eerily accurate fractal pointed out by a cryptocurrency trader, Bitcoin will need to break higher soon, or else a strong drop towards the $3,000 range may soon take place.
Cryptocurrency trader Mr. Chief recently posted the below tweet, noting that Bitcoins price action since the start of 2019 is eerily reminiscent of the chart of the stock of AMD from 1991-1992. Both charts, he pointed out, saw a strong rally higher, a parabolic peak, a consolidation defined by a descending triangle, a fake breakout above the hypotenuse, and an inverse head and shoulders a classical bottoming pattern.
In the case of AMD, its price broke below the inverse head and shoulders pattern, plunging by 50% in the weeks that followed.
The fate of Bitcoins inverse head and shoulders pattern is currently undecided. But if it follows AMD, the price of the cryptocurrency will collapse towards $3,000 in a rapid amount of time, likely creating an extended bear market phase that will ruin bulls.
The fractals directionality lines up with the on-chain data which suggests that Bitcoin investors have yet to complete a historical trend seen in any full-fledged bear market.
Per previous reports from NewsBTC, the SOPR (Spent Output Profit Ratio) indicator an indication of the average Bitcoin holders profitability suggests Bitcoin has not yet seen a capitulation event for the current cycle, implying that the crypto market could see one strong dip before a return to a bullish phase.
Bears may be in control of the narrative due to Bitcoins performance over the past few months, but a growing sentiment is that BTC upward breakout is imminent.
Su Zhu, the chief executive officer of forex and crypto fund Three Arrows Capital,recently remarkedon Twitter that he believes Bitcoins price outlooking heading into 2020 is looking rather bullish. The prominent commentator specifically cited his analysis of the BTC/USDT trading pairs and their premiums to BTC/USD markets and the overall price action, which shows there are clear signs of accumulation and money flow back into risk.
And also, analysts like Velvet and Financial Survivalism have suggested BTC is currently in a textbook Wyckoff Accumulation pattern. Per the pattern, Bitcoin is in its final shakeout lower, evidenced by the drop to the $6,800s.
So should this textbook technical analysis pattern play out exactly as the studies of Richard Wyckoff, a noted technician, says, BTC is likely to break $9,000 and maybe $10,000 by the end of January.
View post:
This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000 - newsBTC
- Kurt Saxon - Survivalism, Survivalists [Last Updated On: December 8th, 2016] [Originally Added On: December 8th, 2016]
- Survivalism Wikipedia [Last Updated On: December 8th, 2016] [Originally Added On: December 8th, 2016]
- Survival Plus - Kurt Saxon, survivalism, survivalist [Last Updated On: December 8th, 2016] [Originally Added On: December 8th, 2016]
- Survivalism (song) - Wikipedia [Last Updated On: December 19th, 2016] [Originally Added On: December 19th, 2016]
- Bomb-shelter builder busy as customers prep for 'Trumpocalypse' - Atlanta Journal Constitution [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- The Wild Eight is survivalism served extra-cold - Eurogamer.net [Last Updated On: February 8th, 2017] [Originally Added On: February 8th, 2017]
- Commentary: Always something to panic about - Park Rapids Enterprise [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- Lynn Hummel column: Always something to panic about - Detroit Lakes Online [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Phobophobes Announces New Single and UK Tour with LIFE - Broadway World [Last Updated On: February 20th, 2017] [Originally Added On: February 20th, 2017]
- The Essential Animation Charms of 'My Life as a Zucchini' and 'The Red Turtle' - Film School Rejects [Last Updated On: February 24th, 2017] [Originally Added On: February 24th, 2017]
- Green politics can save us - Drexel University The Triangle Online [Last Updated On: February 24th, 2017] [Originally Added On: February 24th, 2017]
- At home with the Saviors: Recapping 'The Walking Dead' Season 7 Episode 11 - Chicago Tribune [Last Updated On: February 27th, 2017] [Originally Added On: February 27th, 2017]
- Witnessing the Ghosts Of the Past and the Struggles Of the Future in Kashmir - The Wire [Last Updated On: February 28th, 2017] [Originally Added On: February 28th, 2017]
- MAGIC Fall 2017 Fashion Trend: Puffer Jackets WWD - WWD [Last Updated On: March 1st, 2017] [Originally Added On: March 1st, 2017]
- Wolf Pack 2017 - Creative Collectives Australia [Last Updated On: March 1st, 2017] [Originally Added On: March 1st, 2017]
- How a mythical 'hermit' criminal hid in the woods for decades - New York Post [Last Updated On: March 6th, 2017] [Originally Added On: March 6th, 2017]
- Feminist pacifism or passive-ism? - Open Democracy [Last Updated On: March 7th, 2017] [Originally Added On: March 7th, 2017]
- 'The Walking Dead' Reminds Us That Rick Is Terrible At What He Does - Glide Magazine [Last Updated On: March 7th, 2017] [Originally Added On: March 7th, 2017]
- Wingin' It - The Portland Mercury [Last Updated On: March 9th, 2017] [Originally Added On: March 9th, 2017]
- South London's Phobophobes Share Sinister New Music Video - Broadway World [Last Updated On: March 9th, 2017] [Originally Added On: March 9th, 2017]
- One of Trump's treasury assistants is a survivalist who invented a bizarre techno-bow - The Verge [Last Updated On: March 11th, 2017] [Originally Added On: March 11th, 2017]
- Brazil Really Needs Its Most Hated Politician - Bloomberg [Last Updated On: April 8th, 2017] [Originally Added On: April 8th, 2017]
- The Founding Fathers Of Survivalism - Survive Tomorrow [Last Updated On: April 8th, 2017] [Originally Added On: April 8th, 2017]
- Via 'The Florida Project,' meet two of the youngest stars in Cannes Film Festival history - Los Angeles Times [Last Updated On: June 6th, 2017] [Originally Added On: June 6th, 2017]
- Click Your Hiking Boots Together: Oz Farm Is NorCal's Eco ... - 7x7 [Last Updated On: June 6th, 2017] [Originally Added On: June 6th, 2017]
- It Comes at Night | Film Review | Slant Magazine - slantmagazine [Last Updated On: June 6th, 2017] [Originally Added On: June 6th, 2017]
- Survivalist shares experience in Harker Heights | Local News ... - The Killeen Daily Herald [Last Updated On: June 6th, 2017] [Originally Added On: June 6th, 2017]
- Upcoming "Far Cry" video game is set in Montana - KTVQ.com | Q2 ... - KTVQ Billings News [Last Updated On: June 6th, 2017] [Originally Added On: June 6th, 2017]
- Humanity 2.0: The Unstoppability of Singularity - HuffPost [Last Updated On: June 8th, 2017] [Originally Added On: June 8th, 2017]
- You'll Find Far Cry 5 ProvocativeEven if It's a Mess - WIRED [Last Updated On: June 9th, 2017] [Originally Added On: June 9th, 2017]
- Margaret Atwood on the utopias hiding inside her dystopias and why there is no the future - Vox [Last Updated On: June 9th, 2017] [Originally Added On: June 9th, 2017]
- Recently unveiled documents reveal anarchist strand festered at Evergreen for nearly a decade - The College Fix [Last Updated On: June 9th, 2017] [Originally Added On: June 9th, 2017]
- Veteran teaches disaster preparation skills at Heights library - The Killeen Daily Herald [Last Updated On: June 9th, 2017] [Originally Added On: June 9th, 2017]
- It Comes At Night stars on survivalism, the apocalypse - WDEF News 12 [Last Updated On: June 9th, 2017] [Originally Added On: June 9th, 2017]
- What's Next for the Indie Horror Movie Wave - VICE [Last Updated On: June 10th, 2017] [Originally Added On: June 10th, 2017]
- Next "Far Cry" video game is set in Montana - KRTV News in Great Falls, Montana - KRTV Great Falls News [Last Updated On: June 11th, 2017] [Originally Added On: June 11th, 2017]
- Here's Everything Microsoft Just Announced at the Xbox E3 Show - TIME [Last Updated On: June 14th, 2017] [Originally Added On: June 14th, 2017]
- E3 2017: State Of Decay 2 Features A More Open And Diverse ... - GameSpot [Last Updated On: June 14th, 2017] [Originally Added On: June 14th, 2017]
- Map reveals where billionaires are stockpiling land that could be used in the apocalypse - SFGate [Last Updated On: June 16th, 2017] [Originally Added On: June 16th, 2017]
- Map reveals where billionaires are stockpiling land that could be used in the apocalypse - Business Insider Nordic [Last Updated On: June 17th, 2017] [Originally Added On: June 17th, 2017]
- Where billionaires are stockpiling land for the apocalypse: Map - The Real Deal Magazine [Last Updated On: June 18th, 2017] [Originally Added On: June 18th, 2017]
- Billionaires are stockpiling land that could be used in the apocalypse here's where they're going - The Advocate [Last Updated On: June 18th, 2017] [Originally Added On: June 18th, 2017]
- U.S. Billionaires | Apocalypse | Billionaires Buying Land - The Real Deal Magazine [Last Updated On: June 20th, 2017] [Originally Added On: June 20th, 2017]
- Are you ready when disaster strikes? These Minnesota doomsday preppers are - Charleston Express [Last Updated On: June 26th, 2017] [Originally Added On: June 26th, 2017]
- 'It Comes at Night' a Spellbinding Tale of Family and Survival - Shepherd Express [Last Updated On: June 27th, 2017] [Originally Added On: June 27th, 2017]
- What it Means to Finish Pikes Peak + Results - Hot Rod Network - Hot Rod Network [Last Updated On: June 29th, 2017] [Originally Added On: June 29th, 2017]
- DJ CherishTheLuv, Music Missionary - HuffPost [Last Updated On: July 1st, 2017] [Originally Added On: July 1st, 2017]
- Review: Paranoia thriller It Comes At Night is impressively tense and ... - Norfolk Eastern Daily Press [Last Updated On: July 7th, 2017] [Originally Added On: July 7th, 2017]
- Film Review: War for the Planet of the Apes - Consequence of Sound (blog) [Last Updated On: July 11th, 2017] [Originally Added On: July 11th, 2017]
- Queued Up: 'The Lego Batman Movie,' 'XX,' 'Logan,' and More - Aquarian Weekly [Last Updated On: July 12th, 2017] [Originally Added On: July 12th, 2017]
- 'War for the Planet of the Apes' Review: Finale of biblical proportions - Rappler [Last Updated On: July 18th, 2017] [Originally Added On: July 18th, 2017]
- Do you Have What it Takes to be a Christian Survivalist? - CBN News [Last Updated On: July 20th, 2017] [Originally Added On: July 20th, 2017]
- Fear the Walking Dead Comic-Con Trailer and Interviews - ComingSoon.net [Last Updated On: July 22nd, 2017] [Originally Added On: July 22nd, 2017]
- Review: Nolan's 'Dunkirk' is as Riveting as it is Groundbreaking - First Showing (blog) [Last Updated On: July 22nd, 2017] [Originally Added On: July 22nd, 2017]
- Webster - Soundblab [Last Updated On: August 10th, 2017] [Originally Added On: August 10th, 2017]
- Silicon Valley luminaries are busily preparing for when robots take ... - Mashable [Last Updated On: August 10th, 2017] [Originally Added On: August 10th, 2017]
- Naked - slantmagazine [Last Updated On: August 10th, 2017] [Originally Added On: August 10th, 2017]
- Noir Thriller Wind River Examines An Ignored America - Willamette Week [Last Updated On: August 10th, 2017] [Originally Added On: August 10th, 2017]
- What I Learned From the Neo-Nazi in My Prison Book Club | The ... - The Marshall Project [Last Updated On: August 11th, 2017] [Originally Added On: August 11th, 2017]
- Film Review: The Glass Castle Fails on Almost Every Level - Splice Today [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- For Doomsday Preppers, the End of the World Is Good for Business - New York Times [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- Film Review: Good Time - Consequence of Sound (blog) [Last Updated On: August 12th, 2017] [Originally Added On: August 12th, 2017]
- North Korean Tensions Are Spurring Doomsday Survival-Goods Sales - Fortune [Last Updated On: August 13th, 2017] [Originally Added On: August 13th, 2017]
- Oregon 'Hate Map' Reveals 11 Racist, Separatist Hate Groups In The State - Patch.com [Last Updated On: August 22nd, 2017] [Originally Added On: August 22nd, 2017]
- 'American Made' Review: Tom Cruise Flies Between Comedy and Tension, Missing Both - TheWrap [Last Updated On: August 24th, 2017] [Originally Added On: August 24th, 2017]
- Doomsday Desperation - Southern Poverty Law Center [Last Updated On: August 24th, 2017] [Originally Added On: August 24th, 2017]
- Internal Authority vs. External Authority | Alligator ... [Last Updated On: March 16th, 2018] [Originally Added On: March 16th, 2018]
- Survivalism (song) - NinWiki [Last Updated On: April 11th, 2018] [Originally Added On: April 11th, 2018]
- Life Legacy - Morgan & Nay Funeral Centre [Last Updated On: June 2nd, 2018] [Originally Added On: June 2nd, 2018]
- Surviving Survivalism | Commonweal Magazine [Last Updated On: April 20th, 2019] [Originally Added On: April 20th, 2019]
- Gary K. Wolfe Reviews Trapped in the R.A.W., A Journal of My Experiences during the Great Invasion by Kaylee Bearovna by Kate Boyes - Locus Online [Last Updated On: October 1st, 2019] [Originally Added On: October 1st, 2019]
- A brief history of John Krasinski's transformation into a guy who absolutely loves the CIA - Business Insider [Last Updated On: November 23rd, 2019] [Originally Added On: November 23rd, 2019]
- Richard Tobin of Brooklawn accused of conspiring to initimidate minorities - Courier Post [Last Updated On: November 23rd, 2019] [Originally Added On: November 23rd, 2019]
- Market Experts Weigh in on the Next Major Mergers & Acquisitions in Media - Observer [Last Updated On: November 23rd, 2019] [Originally Added On: November 23rd, 2019]
- Amazon's holiday gift to Orlando's sci-fi fans is a revitalized season of 'The Expanse' - Orlando Weekly [Last Updated On: December 16th, 2019] [Originally Added On: December 16th, 2019]
- Trader Who Called Bitcoin (BTC) Breakout Says Top Cryptocurrency Poised for Monster Rally to $150,000 - The Daily Hodl [Last Updated On: February 3rd, 2020] [Originally Added On: February 3rd, 2020]
- This Albertan YouTuber Is the Bob Ross of Stealth Camping - VICE [Last Updated On: February 3rd, 2020] [Originally Added On: February 3rd, 2020]
- Analyst: Bitcoin is printing the same pattern that marked Decembers $6,400 bottom - CryptoSlate [Last Updated On: March 6th, 2020] [Originally Added On: March 6th, 2020]
- Jenny Offill's Novel of Climate Dread - The Nation [Last Updated On: March 6th, 2020] [Originally Added On: March 6th, 2020]
- Doomsday Preppers Put Faith in God and Plan for the End of All Things - Word and Way [Last Updated On: March 6th, 2020] [Originally Added On: March 6th, 2020]