After three months of consolidating, Bitcoin price broke down from the triangle formation it had been trading in. The fall took Bitcoin from over $10,000 to under $8,000 in less than 48 hours.
According to one crypto analyst, price action is mimicking the behavior and movements that took place within the triangle formation Bitcoin broke down from, and if the fractal completes, a drop to $7,000 is very close.
Bitcoin Price Fractal Suggest Fall to $7,000 Is Coming Soon
Fractals are repeating patterns found in everything from nature to the price charts of financial assets. These repeating patterns can tip off crypto analyst and traders through technical analysis, and warn them of coming price movements.
Related Reading | Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern
One prominent crypto analyst has spotted some similarities between the recent top in Bitcoin price, which resulted in a multi-month triangle formation. The triangle had a number of peaks and troughs, that match the current price action.
$BTC awkwardly following recipe to puke to the T
Image 1: 14K top distribution
Image 2: current consolidation
But Jack, fractals suck… no fractals suck if you use…
To read the entire article click here
Author: Tony Spilotro