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 - December 8th, 2016 [December 8th, 2016]
- Survivalism Wikipedia - December 8th, 2016 [December 8th, 2016]
- Survival Plus - Kurt Saxon, survivalism, survivalist - December 8th, 2016 [December 8th, 2016]
- Survivalism (song) - Wikipedia - December 19th, 2016 [December 19th, 2016]
- Bomb-shelter builder busy as customers prep for 'Trumpocalypse' - Atlanta Journal Constitution - February 7th, 2017 [February 7th, 2017]
- The Wild Eight is survivalism served extra-cold - Eurogamer.net - February 8th, 2017 [February 8th, 2017]
- Commentary: Always something to panic about - Park Rapids Enterprise - February 16th, 2017 [February 16th, 2017]
- Lynn Hummel column: Always something to panic about - Detroit Lakes Online - February 17th, 2017 [February 17th, 2017]
- Phobophobes Announces New Single and UK Tour with LIFE - Broadway World - February 20th, 2017 [February 20th, 2017]
- The Essential Animation Charms of 'My Life as a Zucchini' and 'The Red Turtle' - Film School Rejects - February 24th, 2017 [February 24th, 2017]
- Green politics can save us - Drexel University The Triangle Online - February 24th, 2017 [February 24th, 2017]
- At home with the Saviors: Recapping 'The Walking Dead' Season 7 Episode 11 - Chicago Tribune - February 27th, 2017 [February 27th, 2017]
- Witnessing the Ghosts Of the Past and the Struggles Of the Future in Kashmir - The Wire - February 28th, 2017 [February 28th, 2017]
- MAGIC Fall 2017 Fashion Trend: Puffer Jackets WWD - WWD - March 1st, 2017 [March 1st, 2017]
- Wolf Pack 2017 - Creative Collectives Australia - March 1st, 2017 [March 1st, 2017]
- How a mythical 'hermit' criminal hid in the woods for decades - New York Post - March 6th, 2017 [March 6th, 2017]
- Feminist pacifism or passive-ism? - Open Democracy - March 7th, 2017 [March 7th, 2017]
- 'The Walking Dead' Reminds Us That Rick Is Terrible At What He Does - Glide Magazine - March 7th, 2017 [March 7th, 2017]
- Wingin' It - The Portland Mercury - March 9th, 2017 [March 9th, 2017]
- South London's Phobophobes Share Sinister New Music Video - Broadway World - March 9th, 2017 [March 9th, 2017]
- One of Trump's treasury assistants is a survivalist who invented a bizarre techno-bow - The Verge - March 11th, 2017 [March 11th, 2017]
- Brazil Really Needs Its Most Hated Politician - Bloomberg - April 8th, 2017 [April 8th, 2017]
- The Founding Fathers Of Survivalism - Survive Tomorrow - April 8th, 2017 [April 8th, 2017]
- Via 'The Florida Project,' meet two of the youngest stars in Cannes Film Festival history - Los Angeles Times - June 6th, 2017 [June 6th, 2017]
- Click Your Hiking Boots Together: Oz Farm Is NorCal's Eco ... - 7x7 - June 6th, 2017 [June 6th, 2017]
- It Comes at Night | Film Review | Slant Magazine - slantmagazine - June 6th, 2017 [June 6th, 2017]
- Survivalist shares experience in Harker Heights | Local News ... - The Killeen Daily Herald - June 6th, 2017 [June 6th, 2017]
- Upcoming "Far Cry" video game is set in Montana - KTVQ.com | Q2 ... - KTVQ Billings News - June 6th, 2017 [June 6th, 2017]
- Humanity 2.0: The Unstoppability of Singularity - HuffPost - June 8th, 2017 [June 8th, 2017]
- You'll Find Far Cry 5 ProvocativeEven if It's a Mess - WIRED - June 9th, 2017 [June 9th, 2017]
- Margaret Atwood on the utopias hiding inside her dystopias and why there is no the future - Vox - June 9th, 2017 [June 9th, 2017]
- Recently unveiled documents reveal anarchist strand festered at Evergreen for nearly a decade - The College Fix - June 9th, 2017 [June 9th, 2017]
- Veteran teaches disaster preparation skills at Heights library - The Killeen Daily Herald - June 9th, 2017 [June 9th, 2017]
- It Comes At Night stars on survivalism, the apocalypse - WDEF News 12 - June 9th, 2017 [June 9th, 2017]
- What's Next for the Indie Horror Movie Wave - VICE - June 10th, 2017 [June 10th, 2017]
- Next "Far Cry" video game is set in Montana - KRTV News in Great Falls, Montana - KRTV Great Falls News - June 11th, 2017 [June 11th, 2017]
- Here's Everything Microsoft Just Announced at the Xbox E3 Show - TIME - June 14th, 2017 [June 14th, 2017]
- E3 2017: State Of Decay 2 Features A More Open And Diverse ... - GameSpot - June 14th, 2017 [June 14th, 2017]
- Map reveals where billionaires are stockpiling land that could be used in the apocalypse - SFGate - June 16th, 2017 [June 16th, 2017]
- Map reveals where billionaires are stockpiling land that could be used in the apocalypse - Business Insider Nordic - June 17th, 2017 [June 17th, 2017]
- Where billionaires are stockpiling land for the apocalypse: Map - The Real Deal Magazine - June 18th, 2017 [June 18th, 2017]
- Billionaires are stockpiling land that could be used in the apocalypse here's where they're going - The Advocate - June 18th, 2017 [June 18th, 2017]
- U.S. Billionaires | Apocalypse | Billionaires Buying Land - The Real Deal Magazine - June 20th, 2017 [June 20th, 2017]
- Are you ready when disaster strikes? These Minnesota doomsday preppers are - Charleston Express - June 26th, 2017 [June 26th, 2017]
- 'It Comes at Night' a Spellbinding Tale of Family and Survival - Shepherd Express - June 27th, 2017 [June 27th, 2017]
- What it Means to Finish Pikes Peak + Results - Hot Rod Network - Hot Rod Network - June 29th, 2017 [June 29th, 2017]
- DJ CherishTheLuv, Music Missionary - HuffPost - July 1st, 2017 [July 1st, 2017]
- Review: Paranoia thriller It Comes At Night is impressively tense and ... - Norfolk Eastern Daily Press - July 7th, 2017 [July 7th, 2017]
- Film Review: War for the Planet of the Apes - Consequence of Sound (blog) - July 11th, 2017 [July 11th, 2017]
- Queued Up: 'The Lego Batman Movie,' 'XX,' 'Logan,' and More - Aquarian Weekly - July 12th, 2017 [July 12th, 2017]
- 'War for the Planet of the Apes' Review: Finale of biblical proportions - Rappler - July 18th, 2017 [July 18th, 2017]
- Do you Have What it Takes to be a Christian Survivalist? - CBN News - July 20th, 2017 [July 20th, 2017]
- Fear the Walking Dead Comic-Con Trailer and Interviews - ComingSoon.net - July 22nd, 2017 [July 22nd, 2017]
- Review: Nolan's 'Dunkirk' is as Riveting as it is Groundbreaking - First Showing (blog) - July 22nd, 2017 [July 22nd, 2017]
- Webster - Soundblab - August 10th, 2017 [August 10th, 2017]
- Silicon Valley luminaries are busily preparing for when robots take ... - Mashable - August 10th, 2017 [August 10th, 2017]
- Naked - slantmagazine - August 10th, 2017 [August 10th, 2017]
- Noir Thriller Wind River Examines An Ignored America - Willamette Week - August 10th, 2017 [August 10th, 2017]
- What I Learned From the Neo-Nazi in My Prison Book Club | The ... - The Marshall Project - August 11th, 2017 [August 11th, 2017]
- Film Review: The Glass Castle Fails on Almost Every Level - Splice Today - August 12th, 2017 [August 12th, 2017]
- For Doomsday Preppers, the End of the World Is Good for Business - New York Times - August 12th, 2017 [August 12th, 2017]
- Film Review: Good Time - Consequence of Sound (blog) - August 12th, 2017 [August 12th, 2017]
- North Korean Tensions Are Spurring Doomsday Survival-Goods Sales - Fortune - August 13th, 2017 [August 13th, 2017]
- Oregon 'Hate Map' Reveals 11 Racist, Separatist Hate Groups In The State - Patch.com - August 22nd, 2017 [August 22nd, 2017]
- 'American Made' Review: Tom Cruise Flies Between Comedy and Tension, Missing Both - TheWrap - August 24th, 2017 [August 24th, 2017]
- Doomsday Desperation - Southern Poverty Law Center - August 24th, 2017 [August 24th, 2017]
- Internal Authority vs. External Authority | Alligator ... - March 16th, 2018 [March 16th, 2018]
- Survivalism (song) - NinWiki - April 11th, 2018 [April 11th, 2018]
- Life Legacy - Morgan & Nay Funeral Centre - June 2nd, 2018 [June 2nd, 2018]
- Surviving Survivalism | Commonweal Magazine - April 20th, 2019 [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 - October 1st, 2019 [October 1st, 2019]
- A brief history of John Krasinski's transformation into a guy who absolutely loves the CIA - Business Insider - November 23rd, 2019 [November 23rd, 2019]
- Richard Tobin of Brooklawn accused of conspiring to initimidate minorities - Courier Post - November 23rd, 2019 [November 23rd, 2019]
- Market Experts Weigh in on the Next Major Mergers & Acquisitions in Media - Observer - November 23rd, 2019 [November 23rd, 2019]
- Amazon's holiday gift to Orlando's sci-fi fans is a revitalized season of 'The Expanse' - Orlando Weekly - December 16th, 2019 [December 16th, 2019]
- Trader Who Called Bitcoin (BTC) Breakout Says Top Cryptocurrency Poised for Monster Rally to $150,000 - The Daily Hodl - February 3rd, 2020 [February 3rd, 2020]
- This Albertan YouTuber Is the Bob Ross of Stealth Camping - VICE - February 3rd, 2020 [February 3rd, 2020]
- Analyst: Bitcoin is printing the same pattern that marked Decembers $6,400 bottom - CryptoSlate - March 6th, 2020 [March 6th, 2020]
- Jenny Offill's Novel of Climate Dread - The Nation - March 6th, 2020 [March 6th, 2020]
- Doomsday Preppers Put Faith in God and Plan for the End of All Things - Word and Way - March 6th, 2020 [March 6th, 2020]