This Gorgeous Fractal Predicts Bitcoin Will Soon Be Back at $12,000
One trader that has made historically accurate calls shared the chart below. It shows that BTC’s recent price action, meaning the current correction, looks eerily similar to the highs of February and the following correction.
Though a severe drop that ignored technical support levels and trend lines, analysts remain optimistic about the Bitcoin rally.
Bitcoin’s powerful move to the downside on Wednesday morning was triggered by two factors:
Chart from TradingView.com
Chart of BTC’s price action over the last couple of days with another chart from BTC’s macro cost action by dealer il Capo of Crypto (@CryptoCapo_ on Twitter).
As above, BTC slipped from the $12,000 highs to a local low around $11,200.
Published at Thu, 03 Sep 2020 01:00:39 +0000
“BTC: Nothing lost for the bulls however, close above $11770 and I’d expect mega moon. Close significantly below and sells to the $11700 area become very appealing. Reduce $11k and it’s macro pullback time, so long as it holds suppose we are gonna go further up.”
This fractal analysis predicts that BTC will soon trade back in the highs of $12,000, then potentially continue to the upside as buyers step in. The fractal predicts that this recovery could transpire by the beginning of September 4th, just around 24 hours off (as of this article’s writing).
Others have been a bit more generous, noting that so long as the critical $10,500 service holds, all is well.
Analysts remain optimistic about BTC for other reasons, not just the fractal that was shared over. Per previous reports from Bitcoinist, one trader noted that as long as BTC holds the 11,000 level, it stays in a decent place on the medium-term charts: