{"id":400847,"date":"2019-10-08T18:00:14","date_gmt":"2019-10-08T18:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=400847"},"modified":"2019-10-08T15:25:29","modified_gmt":"2019-10-08T15:25:29","slug":"bitcoin-price-fractal-suggests-repeat-of-september-drop-is-7k-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-fractal-suggests-repeat-of-september-drop-is-7k-next\/","title":{"rendered":"Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">After three months of consolidating, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitcoin Price Fractal Suggest Fall to $7,000 Is Coming Soon<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Fractals are <a href=\"https:\/\/www.investopedia.com\/articles\/trading\/06\/fractals.asp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">repeating patterns<\/a> found in everything from nature to the price charts of financial assets. These repeating patterns can tip off crypto analyst and traders through technical analysis, and warn them of coming price movements.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/04\/three-black-crows-bitcoin-monthly-chart-forms-ominous-reversal-pattern\/\">Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">One prominent crypto analyst has spotted some similarities between the recent top in <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a>, which resulted in a multi-month triangle formation. The triangle had a number of peaks and troughs, that match the current price action.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> awkwardly following recipe to puke to the T<\/p>\n<p>Image 1: 14K top distribution<\/p>\n<p>Image 2: current consolidation<\/p>\n<p>But Jack, fractals suck&#8230; no fractals suck if you use them arbitrarily for confirmation bias and not look at the underlying price action<\/p>\n<p>7K is next <a href=\"https:\/\/t.co\/ZJlDAR8yXc\" rel=\"nofollow\">pic.twitter.com\/ZJlDAR8yXc<\/a><\/p>\n<p>&mdash; \/\/Bitcoin \ud835\udd75ack \ud83d\udc10 (@BTC_JackSparrow) <a href=\"https:\/\/twitter.com\/BTC_JackSparrow\/status\/31170048?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The analyst says that if the fractal continues to be followed, a deep and violent drop like what was experienced in September following the disappointing Bakkt launch may be coming in the days ahead.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If Bitcoin should breakdown from the current structure, and repeat the drop, the analyst says that Bitcoin price will reach $7,000 as a result of the breakdown.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bear Market Bottom Fractal Gives Bulls Hope in a Rebound<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">But just as one set of eyes interprets chart patterns one way, another set sees them through a different lens. <\/span><span class=\"s1\">Another crypto analyst also has spotted a fractal bearing similarities between the current price pattern, and another period that led to a huge move: Bitcoin\u2019s bear market bottom.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to the pattern in the above chart, price action is currently mimicking the pattern <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> traded within during its bear market bottom back in early 2019.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">history doesn&#39;t repeat itself but it certainly rhymes.<\/p>\n<p>how much longer will history rhyme for fam? <a href=\"https:\/\/t.co\/43YObWOG1C\" rel=\"nofollow\">pic.twitter.com\/43YObWOG1C<\/a><\/p>\n<p>&mdash; Bluntz (@Bluntz_Capital) <a href=\"https:\/\/twitter.com\/Bluntz_Capital\/status\/99325696?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">At the end of this fractal, Bitcoin price didn\u2019t break down further, it instead broke up with an over $1,000 green candle, that set off a parabolic rally that amounted to over 300% returns for investors who were able to get buy orders in before the rally kicked off.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/05\/crypto-market-death-cross-inches-closer-will-the-bear-market-return\/\">Crypto Market Death Cross Inches Closer, Will The Bear Market Return?<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">With both of these fractals, they only bear similarities and aren\u2019t exact duplicates of the price action from either period. Fractals are also often disregarded by crypto analysts, who claim that sticking to them too closely could result in unnecessary bias.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If the fractal from above plays out, then $7,000 would be the next stop for <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a>, however, if the second bera market bottom fractal confirms, Bitcoin could not only revisit $10,000 but could go parabolic once again and return to its bull run.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230; no fractals suck if you use them arbitrarily for confirmation bias and not look at the underlying price action 7K is next pic.twitter.com\/ZJlDAR8yXc &mdash; \/\/Bitcoin \ud835\udd75ack \ud83d\udc10 (@BTC_JackSparrow) October 7, 2019 The analyst says that if the fractal continues to be followed, a deep and violent drop like what was experienced in September following the disappointing Bakkt launch may be coming in the days ahead. If Bitcoin should breakdown from the current structure, and repeat the drop, the analyst says that Bitcoin price will reach $7,000 as a result of the breakdown. Bear Market Bottom Fractal Gives Bulls Hope in a Rebound But just as one set of eyes interprets chart patterns one way, another set sees them through a different lens. Another crypto analyst also has spotted a fractal bearing similarities between the current price pattern, and another period that led to a huge move: Bitcoin\u2019s bear market bottom. According to the pattern in the above chart, price action is currently mimicking the pattern Bitcoin price traded within during its bear market bottom back in early 2019. history doesn&#39;t repeat itself but it certainly rhymes. how much longer will history rhyme for fam? pic.twitter.com\/43YObWOG1C &mdash; Bluntz (@Bluntz_Capital) October 8, 2019 At the end of this fractal, Bitcoin price didn\u2019t break down further, it instead broke up with an over $1,000 green candle, that set off a parabolic rally that amounted to over 300% returns for investors who were able to get buy orders in before the rally kicked off. Related Reading | Crypto Market Death Cross Inches Closer, Will The Bear Market Return? With both of these fractals, they only bear similarities and aren\u2019t exact duplicates of the price action from either period. Fractals are also often disregarded by crypto analysts, who claim that sticking to them too closely could result in unnecessary bias. If the fractal from above plays out, then $7,000 would be the next stop for Bitcoin price, however, if the second bera market bottom fractal confirms, Bitcoin could not only revisit $10,000 but could go parabolic once again and return to its bull run. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":400850,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[5687,428,679,6664,21578,4227],"class_list":["post-400847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bear-market","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-fractal","tag-triangle"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?<\/title>\n<meta name=\"description\" content=\"After three months of consolidating, Bitcoin price broke down from the triangle formation it had been trading in. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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