• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Accurately Mirroring Fractal That Sent Its Price to $14K in 2019

After rallying by more than 150 percent from its March 2020 lows, Bitcoin's upside bias has paused inside a strict trading range.

Yashu Gola by Yashu Gola
7 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
bitcoin, btcusdt, cryptocurrency, xbtusd, btcusd

Bitcoin Accurately Mirroring Fractal That Sent Its Price to $14K in 2019

Advertisement
Listen to Article
  • Bitcoin is consolidating sideways in a $1,500-wide trading range since the beginning of May 2020.
  • While observers anticipate the cryptocurrency to head lower, a fractal from 2019 shows a different picture.
  • So it seems, bitcoin is currently mirroring the same trend pattern that sent its price to $14,000 last year.

After rallying by more than 150 percent from its March 2020 lows, Bitcoin’s upside bias has paused inside a strict trading range.

The benchmark cryptocurrency has repeatedly tested $10,000-10,500 zone as its short-term resistance. Meanwhile, it has located moderately strong support above $8,600. Since May 2, 2020, bitcoin is consolidating sideways in the range defined by the said two levels.

bitcoin, btcusdt, cryptocurrency, xbtusd, btcusd
Bitcoin BTCUSD daily chart. Source: Tradingview

The bitcoin chart is showing an interim bias conflict, with traders unable to define a trend above $10,000 or below $8,600. Nevertheless, a poll conducted by prominent analyst Josh Rager shows that about 55 percent of traders see Bitcoin moving downwards from its current position.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

But cryptocurrency analysis portal TradingShot sees a different scenario ahead. The famous TradingView-based bitcoin analyst said the BTC/USD could head higher – above $10,500 – based on a historical pattern from mid-2019.

The Bullish Bitcoin Fractal

TradingShot showed Bitcoin mirroring moves of a 2019 fractal – the same that sent its price up towards $14,000.

The fractal consists of a sequence of Bitcoin’s consolidation and rallies. For instance, ‘Sequence 1’ in the chart below shows the cryptocurrency trending sideways between March 2019 and April 2019. The consolidation ends as the price breaks out to the upside – from circa $5,000 to near $9,000.

Meanwhile, the Relative Strength Indicator (RSI) also surges from 52 to 89, reflecting that the upside move is strong.

After rising, Bitcoin enters another consolidation phase, with its RSI declining. It stays in the range for less than a month before continuing its move towards $14,000. The RSI jumps in sync.

bitcoin, btcusdt, cryptocurrency, xbtusd, btcusd

Bitcoin BTCUSD daily chart. Source: Tradingview

In Sequence 2, one can notice Bitcoin practically repeating the exact price trend from 2019. A jump followed by a small period of consolidation that leads to another sideways action. Meanwhile, the RSI is also mirroring the old pattern.

“What followed in June 2019 after the last consolidation was one last rise to the (blow-off) top of June 26, 2019,” explained TradingShot. “So it will not be far-fetched if we get another rise now after the current consolidation is over.”

Red Alerts

Meanwhile, the analyst reminded that the current consolidation pattern is taking longer than the one from May 15-June 11, 2019. He further noted that the $14,000-top blew off that caused the price to fall to as low as $3,858.

Tags: bitcoinbtcusdBTCUSDTcryptocurrencyxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Ethereum

Here’s the Key Demand Zone Ethereum Might Test Before Surging Higher

1 hour ago
Ethereum

Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

23 hours ago
bitcoin bear trend adx

Bear Trend Begins To Take Hold In Bitcoin For First Time Since October 2020

24 hours ago
Bitcoin

Bitcoin Tests a Critical Resistance Following Overnight Rebound; What’s Next?

1 day ago
Polkadot (DOT)

Charted: Polkadot (DOT) Holding Gains Despite Sharp Drop in BTC and ETH

2 days ago
Ethereum

TA: Ethereum Starts Recovery, Why ETH Could Face Resistance Near $1,250

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.