Bitcoin ahead may expect steep turns
Probably, course bitcoin repeats now fractal february 2020 of the year
Within the of this fractal price some once testing the line of downward resistance.
If bitcoin rate repeats now the February 2020 fractal, this can promise the pair resistance testing and a subsequent decline.
On April 7, Bitcoin (BTC) noted a maximum of $ 7469, but immediately began to decline, having formed since then two declining highs. it increases the likelihood Togo, what price almost exactly repeats the dynamics of the fractal, which began on February 13.
Popular in the crypto community il Capo Of Crypto (@CryptoCapo) noted that the current behavior of BTC corresponds to the February fractal, within whom probably decline cryptocurrencies. IN his tweet he writes that the price already peaked and Now will decline, forming two lower highs, as is already It was in February.
Top formation still in the making. pic.twitter.com/ pGlsGPw0PN
– il Capo Of Crypto (@CryptoCapo_) April 13, 2020
Comparison of fractals
The original fractal began to form at graphics Feb 13, when price highs $ 10,467. After of this market formed a line of downward resistance, which the pair tested for strength four times, after which it began to decline.
At present, the BTS marked a maximum of $ 7469 on April 7 and then moved along the line of downward resistance, which it has already tested three times.. If the price will continue to implement the scenario of the first fractal, bitcoin must will be once again check this line for strength, and then significantly weaken.
The size of the price decline that began after the first touch of the resistance line was 20%, and on him completion took just over 17 days.
Current price dynamics shows, that the rally from the recent peak low had more scope and happened over more short period of time – 22% in 5 days.
Along the line of downward resistance MTC moved for 7 days, and is expected soon yet one touch of this line. Remarkably, that during the 3rd test, the price also pierced the 200-hour MA and then returned under it. Everything very similar to the dynamics of bitcoin in February.
If the market continues to implement the same fractal, can expect the price to hit a $ 5,600 low by April 24 or later. This target level coincides with the line support trading range that we have seen since March.
So way, it is likely that the bitcoin rate is now repeating the fractal of February 2020. If this scenario continues to materialize, then the price may touch the downward resistance line at $ 7050, and then begin to decline and eventually mark a minimum at $ 5700.
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