• 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
    • What is Bitcoin?
    • 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
    • What is Bitcoin?
    • 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 Technical analysis BTC

This Historically Accurate Bitcoin Fractal Now Calls for a Correction to $17,500

Cole Petersen by Cole Petersen
4 weeks ago
in BTC
Reading Time: 2min read
Bitcoin
Advertisement
Listen to Article
  • Bitcoin and the entire cryptocurrency market are seeing a relatively quiet day following some immense turbulence yesterday
  • The selling pressure witnessed by altcoins was intense and caused many to see flash crashes of 20% or more
  • All the while, Bitcoin’s price remains steady and stable above $23,000 – around where it is still trading at the present moment
  • One trader who in the past put forth a fractal that forecasted the entire rally seen over the past few months is now offering investors a warning
  • He notes that this same fractal predicts that the crypto will see a strong pullback towards $17,500 in the near-term

Bitcoin and the entire crypto market have seen some relatively lackluster price action this morning, with BTC stable as many altcoins try to recover from yesterday’s selloff.

The selling pressure seen in the lower-$24,000 region is still a major hurdle for BTC, as every visit to this level has caused it to see major inflows of selling pressure.

This may align with a fractal pattern that had forecasted the entire move higher seen over the past few months, as it shows that there is room for an imminent correction down towards $17,500.

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

Bitcoin Consolidates as Market-Wide Momentum Stalls

At the time of writing, Bitcoin is trading up marginally at its current price of $23,300. This is around where it has been trading throughout the past few days.

The selling pressure between $24,000 and $24,200 has sparked multiple selloffs, but each one has lessened in intensity with every subsequent visit to this level.

If bulls continue guarding against any intense downtrend, this could mark a bullish consolidation phase that ultimately allows the market to see further upside.

Fractal Pattern Spells Trouble for BTC

One trader explained in a recent tweet that Bitcoin could be on the cusp of plunging towards $17,500 if a fractal he is watching plays out.

This fractal forecasted the entire move from the $10,000 region with precision, which could mean that this correction is actually imminent.

“BTC: The road map I followed to the new ATH suggests a correction back toward 17.5K – 18.5K before more upside is likely. Tread lightly.”

Bitcoin

Image Courtesy of Kaleo. Source: BTCUSD on TradingView.

The coming few days will be critical for understanding the entire market’s outlook, as the resolution to Bitcoin’s ongoing consolidation phase will shine a light on where it trends heading into the new year.

Featured image from Unsplash.
Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
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
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Bullish Dumping: Bitcoin Sheds Thousands Off Price as Funding Rates Reset

1 hour ago
Bitcoin

TA: Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

14 hours ago
Bitcoin

Latest CME Report Reveals Growing Appetite for Bitcoin Amongst Institutions

21 hours ago
Bitcoin

TA: Bitcoin Remains At Risk, Why $38K Holds The Key For Fresh Surge

2 days ago
Bitcoin

Altcoins Fly as Bitcoin Ranges: What Analysts Think Comes Next for BTC

2 days ago
Bitcoin

TA: Bitcoin Topside Bias Vulnerable, Why BTC Could Dive Below $35K

3 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

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 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
    • What is Bitcoin?
    • 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.