Bearish Bitcoin fractal with 78% success rate flashes as BTC drops below $43.5K
The flagship cryptocurrency closed the previous week below its 21-week exponential moving average for the 19th time in history, triggering additional selloff risks. Last week's drop in Bitcoin (BTC) that saw BTC price falling from $47,358 to $43,178 has sparked fears of an extended selloff.Independent market analyst Nunya Bizniz highlighted a bearish fractal on Bitcoin's weekly charts concerning its 21-week exponential moving average (EMA). In detail, the cryptocurrency has closed below the said support zone 18 times to date but retained its previous bullish bias only four times out of....
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The bearish analogy borrows evidence from an eerily accurate fractal on the cusp of repeating for the third time since March 2020.
Bitcoin is showing signs of replicating its trend from 2019 that crashed its prices by more than 50 percent.
A detailed analysis by well-regarded crypto analyst Rekt Capital has spotlighted a recurring bearish fractal in the historical price data of Bitcoin, raising prospects of a potential crash below the $20,000 mark. Notoriously seen in 2019 and 2022, this pattern seems to be reemerging in the current 2023 market. For those unfamiliar, the fractal indicator identifies potential turning points on a price chart by highlighting repetitive price patterns. In simple terms, a bearish fractal suggests a potential decline in price. Such a pattern materializes when there’s a peak price with two....