A dangerous BTC fractal forms with the price of the asset retesting the $58,000 but still haven’t been able to crack it just yet. However, this fractal matches the 2019 rally that was discovered in the recent price action and it’s not boding well for Bitcoin so let’s read more in our latest Bitcoin news today.
The Bitcoin FOMO is in full effect and attracts retail investors as well as corporations, traders, hedge funds, and institutional players. The impact that these participants have in the price moves, has been nothing short of amazing so far. From the low of under $4000 about a year ago, the leading crypto by market cap increased to a price level of $58,000 per coin and the price per BTC reached new highs propelling the cryptocurrency’s market cap to over $1 trillion. At these highs, Bitcoin met its first resistance and was struggling to get back above it. The most recent attempt was stopped by the bears which coincides with the news that Oracle didn’t purchase BTC as the community expected.
However, this could not be the reason for the bears that are making a stand over the past day and when BTC left its bottom trading range of under $4000 for the first time, the cryptocurrency surged to $14,000. The uptrend ran out of steam and corrected back in order to confirm the range as support on Black Thursday in 2020.
The current uptrend momentum is fading away slightly but the dangerous BTC fractal from 2019 indicates that BTC is about to breach new levels again. Both rallies started out with a reasonable uptrend and it usually goes vertical. At the height of the parabola, there’s a huge rejection, a breakdown, and failed retest so this time around, BTC hit $58,000 and was sent crashing back towards $50,000.
The retest failed but the coin is in the process of making another, better attempt. Failure could validate the fractal here and could cause the cryptocurrency to drop lower and to retest the levels below. Coinciding with the price actions and trendlines, there’s a similar reading from a crypto analyst that spotted this trading indicator so we can only ask, is this the end of the currency rally for the time being?
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