Over the past few weeks, Bitcoin has entered into a lull, finding itself in a defined range between $9,500 and $11,500 and experiencing the motions of consolidation: declining volumes, few price spikes or drops, and a broad sentiment of indirection and indecision.<\/p>\n
Asreported by Ethereum World News, this massive lull has resulted in Bitcoins volatility index reading on BitMEX falling to a zone where massive price moves are born, as analyst Chonis put it.<\/p>\n
Indeed, per this writers analysis of the metric, Bitcoin volatility is at a point not seen since two weeks prior to that one fateful day in April, which saw Bitcoin experience 20% explosion from $4,000 to $5,000. The metric is also as low as it was just days before Bitcoin plunged from the $6,000 cliff to the $3,000 bottom in late-2018.<\/p>\n
But the question remains in which direction will BTC decide to head in?<\/p>\n
One eerily accurate fractal suggests a falling Bitcoin.<\/p>\n
Capo of Crypto, an up-and-coming analyst, recently pointed out that Litecoins price action from late-2017 to late-2018 is hinting that the Bitcoin price may be poised to plunge. He pointed out in a recent tweet that Litecoins chart and Bitcoins chart look eerily accurate, with both sporting a descending triangle, multiple retests of the same bottom, and the testing of key Fibonacci Retracement levels.<\/p>\n
If Bitcoin is to follow Litecoins price action in full, BTC could visit by $8,300 by the end of the month, marking a $2,000 (just under 20%) drop from current levels.<\/p>\n
This isnt a crazy theory? Just look at the two charts, which look structurally very similar.<\/p>\n
This isnt the only sign showing that bears may soon manage to wrest the control of the market from bulls.<\/p>\n
Committing to the short-term bear, long-term bull persona, renowned analyst Dave the Waverecently notedthat the $7,000 price level is still in reach for Bitcoin, with BTCs relative strength index (RSI) reading still being relatively lofty compared to historical bull market corrections.<\/p>\n
Despite this, there are still optimists.<\/p>\n
Over the past few months, Bitcoin has found itself trading in a clear triangle, seeing higher lows and lower highs. While some have taken this as a bearish signconsistently lower highs could be seen as a loss of bullish momentumwell-known analyst Jacob Canfield notes that per a study from Bulkwoski, descending triangles in an uptrend break upward 63% of the time.<\/p>\n
The sentiment and fundamentals seem to be on the side of bulls. According to a recent impromptu poll of 4,000 cryptocurrency traders on Twitter by analyst Josh Rager, a majority just around 60% believe that Bitcoin will break above the triangle. And on the fundamental side, Bakkt is poised to launch its Bitcoin futures contracts to the world.<\/p>\n
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Litecoin Fractal Hints Bitcoin Price May Soon Tumble to $8,300 - Ethereum World News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Over the past few weeks, Bitcoin has entered into a lull, finding itself in a defined range between $9,500 and $11,500 and experiencing the motions of consolidation: declining volumes, few price spikes or drops, and a broad sentiment of indirection and indecision. Asreported by Ethereum World News, this massive lull has resulted in Bitcoins volatility index reading on BitMEX falling to a zone where massive price moves are born, as analyst Chonis put it Continue reading