• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin stacking fractal
Nexo Logo

Factors Stack In Favor Of Bullish Bitcoin Fractal, Despite Latest Plunge

Tony Spilotro by Tony Spilotro
11 months ago
in BTC
Reading Time: 3 mins read
Advertisement

Bitcoin price action is back in the low $30,000 range, after another failed attempt to reach $40,000 over the Father’s Day weekend. The effort from bulls is getting weaker and weaker, even now resulting in a “death cross” on daily timeframes. But could they be simply feigning weakness, ready to squeeze short traders and push prices back higher in a flash?

The stage is set well, so much so, the price action and several key technical indicators are closely mimicking the behavior right around one of the greatest pumps in Bitcoin history. Is that what’s to come in the days ahead?

Is The Bitcoin Bull Cycle Finished Or Is This Simple Consolidation?

Markets are cyclical and trends can stretch across years, to months, to weeks and even days. Technical analysts seek out the earliest signs of a trend and aim to capitalize on that trend as long as they can.

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

The Bitcoin uptrend from the Black Thursday low has clearly come to an end, and there’s now confusion in the market around if a downtrend is beginning, or if the more dominant primary uptrend stays intact.

Related Reading | The Missing Ingredient From A Full On Bitcoin Reversal

If the greater bull market is now over for Bitcoin, it is among the shortest in its history. Analysts have expected cycles to be lengthening, which adds credence to the theory the bull cycle isn’t yet broken.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Instead, price action in the top cryptocurrency appears to be instead mimicking the technical patterns following the last major top, back in June 2019.

bitcoin fractal

Multiple signals match the last major post-rally death cross | Source: BTCUSD on TradingView.com

Fractal Offers Several Technical Factors To Support Record-Breaking Reversal Rally

After Bitcoin price broke down from its June 2019 top, there was a sharp downward move followed by consolidation. The same thing is playing out again now, and while that’s not enough to pay much attention to, the fact several trading indicators are showing a similar setup could be telling of what’s to come next.

Each major top since the bear market bottom followed the completion of a five-wave impulse based on Elliott Wave Principle. On the way back down, the RSI and LMACD made several lower peaks and troughs, following a curved downtrend resistance line.

Related Reading | Why Bitcoin Could Slingshot Back To Lows Before Gaining Momentum

Both instances also had a death cross on the daily, which turned into a history-making pump the last time the setup was there. Much like last time around, the daily RSI support was lost resulting in another push lower and forming a bullish divergence on the price chart.

The last time around, the LMACD also crossed down temporarily for just one daily close, followed by an explosive move up to above the death cross – a more than 40% move across two days.

A similar rally in Bitcoin percentage wise, would send the cryptocurrency back above $45,000 and hurdling toward $50,000 resistance. Making it back above that level would confirm the bull market is still on, while another crash deeper cannot be ruled out.

Even a far deeper correction, according to Elliott Wave, could go as low as $14,000 and the bull market could remain unbroken.

Featured image from iStock Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Bitcoin

TA: Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

3 days ago
Bitcoin

TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

4 days ago
Bitcoin

TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

5 days ago
Bitcoin

TA: Bitcoin Holds Key Support, Why BTC Must Clear This Resistance

6 days ago
bitcoin

This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

6 days ago
bitcoin

Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market

6 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List FidoMeta (FMC) on May 23, 2022

May 22, 2022

Are Mountanaz (MNAZ), Bancor (BNT) and Convex Finance (CVX) the Top DeFi Projects to Watch in 2022?

May 22, 2022

ApeCoin (APE) has a New Rival: The Burgeoning Saga of RoboApe Token (RBA)

May 22, 2022

The Changing Face Of DeFi: What Is The Future Of Fundraising?

May 22, 2022

3 CRYPTOCURRENCIES THAT WILL MAKE YOU A MILLIONAIRE: PACMAN FROG (PAC), POLYGON (MATIC), AND STELLAR (XLM)

May 22, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 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.