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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
bitcoin moon woo
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Bitcoin Price Double Fractal Points To “Extended” Parabolic Rally

Tony "The Bull" by Tony "The Bull"
4 months ago
in Bitcoin News
Reading Time: 3 mins read

Bitcoin price seems to merely be grinding upwards, with a dusting of chop in between. What corrections have arrived have been minimal, and are shockingly similar in both time and price.

This fractal behavior could be a sign of an important Elliott Wave signal, that not only says that BTCUSD is about to go parabolic, but that the rally should be “extended” in its price movement.

Bitcoin Price And Time Fractal Discovered

After a small recovery from the November 2022 bottom in crypto markets, Bitcoin corrected sharply. The correction was short-lived, due to a sudden banking crisis emerging. BTCUSD then made another run higher to above $30,000 per coin, and is once again correcting after a second, roughly 50% upward move.

Related Reading: Check Out This Shocking Pepe Coin Versus Bitcoin Comparison

The two similar sized moves took placed in approximately the same amount of time. Superimposing a fractal of one above or below the other demonstrates just how similar they are in time and price.

This sort of behavior is a fairly common occurence in Elliott Wave Principle called a 1-2/1-2 setup, and it could mean the crypto market is about to explode higher.

Bitcoin price double fractal

Will BTC double after this double fractal? | BTCUSD on TradingView.com

All About The 1-2 1-2 Elliott Wave Setup

The 1-2/1-2 is a phenomenon when a smaller degree wave 1 and 2 take on a similar shape and length of the previous, larger degree wave 1 and 2.

Much like the first 1-2 is a larger degree wave, and the second 1-2 is a smaller degree wave, their appearance suggests an even larger degree wave will be extended. According to a description, a “1-2/1-2 structure is an indication that the larger degree impulse wave in development is extending.”

“The 2nd wave 1-2 structure needs to be similar in proportions to that of the first 1-2 structure, not taking much more, if any more, time than the first.  Remember, you are actually seeing the development of a smaller degree impulse wave, so expect it to be a bit smaller than the larger degree structure.”

“An extension suggests a massive elongation of the impulse pattern,” a website further reads.

Related Reading: Has Bitcoin Completed The Perfect Pullback

After a completed wave 2 correction, wave 3 should begin. However, if price stops short of expectations and forms a similar sized pattern as the first waves 1 and 2, it suggests a second set of waves 1 and 2 that help increase the size of the overall wave 3 that was first anticipated.

This type of behavior has been spotted in not only Bitcoin. It is also evident in Chainlink, Litecoin, and the Total Crypto Market Cap chart. Several coins exhibiting the pattern could point to full participation across the market in the next more substantial rally.

It's as easy as 1-2 1-2…#Bitcoin showings signs of an extended larger degree wave 5.https://t.co/4EDcrVn5iS pic.twitter.com/tpdHJnST3p

— Tony "The Bull" (@tonythebullBTC) May 15, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTElliott wave principle
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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