{"id":421127,"date":"2020-04-17T21:00:01","date_gmt":"2020-04-17T21:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=421127"},"modified":"2024-06-11T13:47:37","modified_gmt":"2024-06-11T13:47:37","slug":"fractal-pattern-suggests-bitcoin-will-start-an-insane-rally-to-9000-on-monday","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/fractal-pattern-suggests-bitcoin-will-start-an-insane-rally-to-9000-on-monday\/","title":{"rendered":"Fractal Pattern Suggests Bitcoin Will Start an Insane Rally to $9,000 on Monday"},"content":{"rendered":"
Bitcoin has held up surprisingly well throughout the past day, with buyers maintaining its price above $7,000 despite facing multiple firm rejections around $7,200. This has led some analysts to note that a break above this level could be imminent.<\/p>\n
This short period of consolidation also comes as a highly bullish fractal pattern emerges, which could signal that the cryptocurrency is gearing up for a movement up towards $9,000 in the days and weeks ahead.<\/p>\n
This fractal is comprised of multiple striking similarities to those seen prior to the breakout rally Bitcoin saw in early January.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $7,090, which is around the point at which it has been trading at throughout the past couple of days.<\/p>\n Bitcoin\u2019s major upswing from its weekly lows of just under $6,600 extended as far as $7,200, but the resistance found at this level has proven to be too great for the crypto to surmount with bull\u2019s current strength.<\/p>\n If this level is shattered in the days ahead, the benchmark cryptocurrency will still face some heavy resistance around $7,500 \u2013 the level at which it faced a grim rejection at a couple of weeks ago.<\/p>\n There are a few technical observations that do seem to suggest a break above this heavy resistance zone<\/a> in the lower-$7,000 region is imminent.<\/p>\n A few of these notable factors were outlined in a recent tweet from a popular cryptocurrency analyst on Twitter, who noted<\/a> that Bitcoin’s current price action is strikingly similar to that formed in early-January prior to its breakout rally.<\/p>\n He notes that, among other things, both breakouts occurred on Fridays that were followed by quiet weekends, and both were preceded by \u201c4% shakeouts.\u201d<\/p>\n \u201cBased on January – April fractal BTC should start its trend to $9000 on Monday. Observed the following similarities: – Both 4% shakeout before it broke out – Both created bullish engulfing candles – Both breakouts occurred on Friday followed by a quiet weekend while it retested,\u201d he said while pointing to the patterns highlighted in the below chart.<\/p><\/blockquote>\nThis Fractal Could Mean a Rally to $9,000 is Imminent<\/strong><\/h2>\n