Bitcoin Possibly Repeats May 2019 Fractal.
The fractal suggests a rise to $ 9800 with a subsequent pullback to the $ 9000 area.
May technical indicators 2019 years are similar to current.
On April 30, Bitcoin touched a high of $ 9460, after which it switched to a downward correction mode. The dynamics that preceded the rise to the maximum is similar to the behavior of quotations in May last year, when, after a rollback, prices resumed their growth and reached a maximum of 2019, whom BTC has not been touched since then.
Famous trader @inmortalcrypto writes about the similarity with the 2019 fractal, who posted the current chart on Twitter BTC, comparing him with dynamics in May last year.
By opinion trader, the price will repeat last year’s scenario – first of all bitcoin will exceed the April 30 high by $ 9460 and then exceed the $ 10 mark,000.
Below we will compare two period, referred to in the publication of the trader, and we will try to determine the probability of the fractal repetition.
Shown below charts Bitcoin dynamics in May 2019 and current timeframes – in the lower and upper parts, respectively.
The first thing to notice is the different rates of the initial decline. The cryptocurrency retreated 12% from the highs of April 30, and in the past year the fall was 28%.
If similar the pace persist, the price will make an upward breakout and reach the $ 9800 level, and then, after consolidation, will fall below $ 9400.
Reaching the maximum on May 13 was preceded by a rather aggressive rally, within which quotations rose by 103% in 42 days. BTC has formed a maximum in district important resistance, and RSI was in the overbought zone. Besides In addition, there was strong resistance ahead.
Despite these bearish signals, subsequent 46 days, quotes rose another 51%, reaching a high of $ 13,764. For to measure the scale of the rally, we used closing levels instead of the top of the candle wick due to the significant difference between them. More since then bitcoin more did not concern this tops.
Besides Togo, the price has formed a maximum in the area of strong resistance, while the RSI is in the overbought zone. There is important resistance. Curious that price located right on long term lines resistance formed from earlier the mentioned candle wick, which was celebrated in July 2019.
If the fractal continues in a similar manner, and in the next 46 days bitcoin grows by another 50%, then in June it will reach a maximum of $ 13,500.
So, between the current behavior of bitcoin and the fractal of 2019, there is some similar features. If the dynamics continue to repeat, the quotes will move towards the $ 9800 level, after which they will return to the $ 9000 mark. When continuation of the fractal cryptocurrency will peak at $ 13,600 next month.
All information, contained on our website, published on principles good faith and objectivity, and also for informational purposes only. Reader by yourself bears full responsibility per any actions, committed by him on the basis information, received on our website.