- Bitcoin has seen some strong price action following its recent dip down to lows of $17,600
- The support here allowed bulls to establish this level as a mid-term bottom, and it has been rising ever since
- Where it trends next will depend largely on the continued reaction to the support existing at $19,000, as the flip of this level from resistance to support has been promising
- Another sustained break below this level could be a grim sign for the cryptocurrency
- One trader is now pointing to a fractal pattern from 2017 that looks strikingly similar to Bitcoin’s current price structure
- If BTC continues mirroring this pattern, it could be poised to see some massive parabolic gains in the weeks ahead
Bitcoin and the entire cryptocurrency market have been caught in a bout of choppy trading as of late, with bulls and bears both being largely unable to gain any lasting control over the crypto’s price action.
The selling pressure seen around $20,000 has sparked multiple intense corrections that have led BTC below $18,000 on multiple occasions.
Until this price is surmounted, BTC will likely continue seeing consolidation and possibly further downside.
One trader is now pointing to a fractal pattern from 2017 that BTC appears to be mirroring, suggesting that massive upside is imminent in the near-term.
Bitcoin Struggles to Gain Momentum as $19,400 Resistance Holds
At the time of writing, Bitcoin is trading up marginally at its current price of $19,170. This is around the price at which it has been trading throughout the past day.
It has tested its $19,400 resistance on multiple occasions, but each once has resulted in BTC seeing inflows of selling pressure that has slowed its ascent.
Until this level is broken, BTC’s outlook remains somewhat uncertain in the short-term.
Analyst Points to 2017 Fractal as Sign of Imminent BTC Upside
He notes that this is evidence of an imminent breakout rally to over $20,000, which may come about sooner than later.
“Slap yourself if you are selling BTC below $20k,” he said while pointing to the below chart.
Image Courtesy of il Capo of Crypto. Source: BTCUSD on TradingView.
The coming weeks should shine a light on this fractal’s accuracy, but it is a positive sign for where Bitcoin may trend in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.