{"id":57401,"date":"2019-10-13T14:50:42","date_gmt":"2019-10-13T12:50:42","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=57401"},"modified":"2019-10-13T14:51:57","modified_gmt":"2019-10-13T12:51:57","slug":"bitcoin-december-2018-fractal-price","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-december-2018-fractal-price\/","title":{"rendered":"Bitcoin Continues to Track December 2018 Fractal; Price Bounce Inbound"},"content":{"rendered":"

If you’ve perused Crypto Twitter at all over the past week or two, you likely would have noticed the incessant mentions of a Bitcoin<\/a> price fractal. (editor’s note<\/strong>: a fractal, in the context of financial assets and their respective charts, is a certain historical chart formation\/price action repeating on a smaller scale at a different time or for a different asset.)<\/p>\n

The thesis of many analysts is that the recent collapse in the Bitcoin price from $10,000 to $7,700 was a microcosm of 2018\u2019s bear market. More specifically, they say that this 20% collapse and the subsequent consolidatory price action is similar to what took place at the end of 2018 and at the start of 2019, during which Bitcoin fell from $6,000 to $3,000 in a short period of time.<\/p>\n

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(The chart above is courtesy of CryptoHamster<\/a>.)<\/p>\n

This fractal, which thoroughly implies that BTC has established a long-term bottom, has continued to gain steam as of late. Brave New Coin’s Josh Olszewicz noted that Bitcoin’s current four-hour chart continues to trace historical price action to an absurd accuracy, with price entering an ascending triangle.<\/p>\n

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$BTC<\/a> fractals<\/p>\n

some similarity b\/t daily chart in Q1 2019 to 4h chart now<\/p>\n

conclusion of consolidation may again align w\/CME contract rollover pic.twitter.com\/q7rW8g5qcq<\/a><\/p>\n

— Josh Olszewicz (I will not dm you) (@CarpeNoctom) October 11, 2019<\/a><\/p><\/blockquote>\n