Despite the latest plunge, factors overflow in favor of Bullish Bitcoin Fractal
Bitcoin price action is now back in the $30,000 range. After a failed attempt to reach $40,000 during the Father’s Day weekend. The bulls‘ effort gets weaker and weaker. Now results in a “death cross” on daily timeframes.
The price action and a lot of key technical indicators are mimicking the behavior around one of the major bumps in Bitcoin history.
Is this a simple consolidation or is the Bitcoin Bull cycle finally finished?
Markets are cyclical and trends could stretch across years, to months, to weeks, and also days. Technical analysts are seeking out the earliest signs of a trend. Their goal is to capitalize on that trend for as long as possible.
The Bitcoin uptrend from last Black Thursday low finally came to an end. Now, there is a confusion in the market around if a downtrend is just beginning. Or if the more dominant primary uptrend is still intact.
If the greater bull market is over for Bitcoin, it is one of the shortest in history. Analysts are expecting cycles to lengthen. This adds certainty to the theory that the bull cycle is not yet broken.
The price action in Bitcoin appears to be mimicking the technical patterns that follow the last major top, way back in June 2019.
The movements of Bitcoin Price
When Bitcoin price broke down from the June 2019 high, there has been a sharp downward move then a consolidation. The similar thing plays out again now. The fact that several trading indicators show a similar setup that could be telling of what will come next.
A same rally in Bitcoin percentage wise would send the cryptocurrency back to over $45,000 and bounce toward $50,000 resistance. When it is back above that level might confirm that the bull market is still on. And another crash deeper can’t be ruled out.
According to Elliott Wave, a deeper correction could go as low as $14,000 and the bull market remains unbroken.
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