{"id":450902,"date":"2020-11-26T13:30:26","date_gmt":"2020-11-26T13:30:26","guid":{"rendered":"https:\/\/wncen.com\/?p=450902"},"modified":"2024-06-11T14:08:46","modified_gmt":"2024-06-11T14:08:46","slug":"bitcoin-parabola-fractal-shows-its-potential-to-retest-20k-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-parabola-fractal-shows-its-potential-to-retest-20k-heres-why\/","title":{"rendered":"Bitcoin Parabola Fractal Shows Its Potential to Retest $20K; Here&#8217;s Why"},"content":{"rendered":"<p>Bitcoin plunged on Thursday, stalling a price rally driven by fears of the US dollar debasement and higher inflation.<\/p>\n<p>The benchmark cryptocurrency fell to $16,200 a token, a multi-week low, ahead of the New York trading session. By doing so, Bitcoin also broke below a crucial parabolic support that had offered it a concrete price floor during its relentless bull run in the previous seven weeks.<\/p>\n<p>Looking closer, the bubble appeared reminiscent of a structure that the BTC\/USD chart formed between March and May earlier this year. The pair similarly rallied to the upside while holding a bullish parabola as its support.<\/p>\n<p>Later, it corrected out of the pattern, only to trade sideways for a prolonged period and eventually resume its uptrend.<\/p>\n<figure id=\"attachment_450903\" aria-describedby=\"caption-attachment-450903\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/8Waj5UI2.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-450903\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/8Waj5UI2.png?fit=860%2C860\" alt=\"Bitcoin, cryptocurrency, BTCUSD, BTCUSDT\" loading=\"lazy\"><\/a><figcaption id=\"caption-attachment-450903\" class=\"wp-caption-text\">Bitcoin trended sideways between the 23.6 percent and 0 percent Fibonacci levels after breaking out of the March-May 2020 parabola. Source: BTCUSD on TradingView.com<\/figcaption><\/figure>\n<pre>Bitcoin trended sideways between the 23.6 percent and 0 percent Fibonacci levels after breaking out of the March-May 2020 parabola. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Meanwhile, another similar structure appeared during the Bitcoin bull run of early 2019. Nevertheless, the only difference was that it ended a deeper retracement to the downside, instead of March-May 2020&#8217;s sideways consolidation.<\/p>\n<h2>The Current Bitcoin Parabola<\/h2>\n<p>The two fractal served their respective bias for the current parabolic case. As the BTC\/USD exchange rate broke out of the bullish structure, it found itself landed in the 0-23.6 percent range of its Fibonacci retracement graph. Interestingly, the pair held the 23.6 percent level as support during the Thursday morning hours in London.<\/p>\n<figure id=\"attachment_450904\" aria-describedby=\"caption-attachment-450904\" style=\"width: 860px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/lhKzbcZD.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-450904\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/lhKzbcZD.png?fit=860%2C860\" alt=\"Bitcoin, cryptocurrency, BTCUSD, BTCUSDT\" loading=\"lazy\"><\/a><figcaption id=\"caption-attachment-450904\" class=\"wp-caption-text\">Bitcoin September-November bullish parabola. Source: BTCUSD on TradingView.com<\/figcaption><\/figure>\n<pre>Bitcoin September-November bullish parabola. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>But will or will the support hold the Bitcoin&#8217;s running bullish bias entirely depends on what appears to a common support wave to all the recent parabola corrections. That is the green curve in the chart above: the 20-period exponential moving average.<\/p>\n<p>The Bitcoin market held onto its short-term bullish bias as long as it traded above the 20-EMA. In 2019, the price breaking below the green curve followed by another close below the red one (the 50-SMA) set it on the course to $3,200.<\/p>\n<p>That wasn&#8217;t the case after the March-May parabola breakdown. There, the Bitcoin price held above the 20-EMA, asserting its short-term bullish bias. Meanwhile, even occasional breakdowns below the green curve found an extended support level at the red wave.<\/p>\n<h2>$20K Likely?<\/h2>\n<p>Bitcoin attempting a retest of $20,000 is possible as long as it maintains support near the 20-EMA (near $15,000) and 50-SMA (near $12,000). They would serve as ideal levels for traders to refill their Bitcoin bags and eye a next bullish parabola towards the cryptocurrency&#8217;s all-time high.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin plunged on Thursday, stalling a price rally driven by fears of the US dollar debasement and higher inflation. The benchmark cryptocurrency fell to $16,200 a token, a multi-week low, ahead of the New York trading session. By doing so, Bitcoin also broke below a crucial parabolic support that had offered it a concrete price floor during its relentless bull run in the previous seven weeks. Looking closer, the bubble appeared reminiscent of a structure that the BTC\/USD chart formed between March and May earlier this year. The pair similarly rallied to the upside while holding a bullish parabola as its support. Later, it corrected out of the pattern, only to trade sideways for a prolonged period and eventually resume its uptrend. Bitcoin trended sideways between the 23.6 percent and 0 percent Fibonacci levels after breaking out of the March-May 2020 parabola. Source: BTCUSD on TradingView.com Meanwhile, another similar structure appeared during the Bitcoin bull run of early 2019. Nevertheless, the only difference was that it ended a deeper retracement to the downside, instead of March-May 2020&#8217;s sideways consolidation. The Current Bitcoin Parabola The two fractal served their respective bias for the current parabolic case. As the BTC\/USD exchange rate broke out of the bullish structure, it found itself landed in the 0-23.6 percent range of its Fibonacci retracement graph. Interestingly, the pair held the 23.6 percent level as support during the Thursday morning hours in London. Bitcoin September-November bullish parabola. Source: BTCUSD on TradingView.com But will or will the support hold the Bitcoin&#8217;s running bullish bias entirely depends on what appears to a common support wave to all the recent parabola corrections. That is the green curve in the chart above: the 20-period exponential moving average. The Bitcoin market held onto its short-term bullish bias as long as it traded above the 20-EMA. In 2019, the price breaking below the green curve followed by another close below the red one (the 50-SMA) set it on the course to $3,200. That wasn&#8217;t the case after the March-May parabola breakdown. There, the Bitcoin price held above the 20-EMA, asserting its short-term bullish bias. Meanwhile, even occasional breakdowns below the green curve found an extended support level at the red wave. $20K Likely? Bitcoin attempting a retest of $20,000 is possible as long as it maintains support near the 20-EMA (near $15,000) and 50-SMA (near $12,000). They would serve as ideal levels for traders to refill their Bitcoin bags and eye a next bullish parabola towards the cryptocurrency&#8217;s all-time high.<\/p>\n","protected":false},"author":50,"featured_media":450907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,1558],"class_list":["post-450902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Parabola Fractal Shows Its Potential to Retest $20K; Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin plunged on Thursday, stalling a price rally driven by fears of the US dollar debasement and higher inflation. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Parabola Fractal Shows Its Potential to Retest $20K; Here's Why","description":"Bitcoin plunged on Thursday, stalling a price rally driven by fears of the US dollar debasement and higher inflation. 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