Bitcoin price is consolidating ahead of what most expect to be a major move – one that’ll set the trend for the coming months ahead and depending on the direction could confirm Bitcoin’s next bull run is here.
But a fractal – a repeating chart pattern – has appeared on current Bitcoin price charts that looks eerily similar to the price action that developed at the top of the 2017 bull run, and could suggest that a violent drop could be due soon.
Massive Head and Shoulders Fractal Matches All-Time High Top
Fractals are similar patterns that appear on progressively smaller scales. They’re commonly found throughout nature in everything from snowflakes to galaxy formations. They also appear in the price charts of financial assets and can help crypto analysts determined the market’s next move.
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One crypto analyst has spotted a potential fractal playing out on Bitcoin price charts – one that would suggest that a massive drop and drawdown may be ahead in the coming days.
As can be seen in the chart shared by the analyst via Twitter, a large, upward slanting head and shoulders pattern has formed at the top of the 2019 rally where Bitcoin price is currently consolidating for many months now.
👇Just something to keep in mind. pic.twitter.com/FlJOHPCzdK
— 𝓥𝓮𝓵𝓿𝓮𝓽 📊 (@888Velvet) September 20, 2019
According to the pattern, it is in the process of confirming with a throwback to the broken neckline – something that occurs as much as 64% of the time.
Giving credence to the idea that this pattern will indeed confirm and breakdown, is the fact that the same pattern – or fractal – played out the same way at the top of the 2017 hype bubble. The top of the “head” in the head and…