{"id":397351,"date":"2019-09-27T19:00:55","date_gmt":"2019-09-27T19:00:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=397351"},"modified":"2024-06-11T13:25:53","modified_gmt":"2024-06-11T13:25:53","slug":"gold-fractal-predicted-bitcoin-distribution-up-next-is-two-years-of-sideways","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/gold-fractal-predicted-bitcoin-distribution-up-next-is-two-years-of-sideways\/","title":{"rendered":"Gold Fractal Predicted Bitcoin Distribution, Up Next Is Two Years of Sideways"},"content":{"rendered":"

Throughout much of 2019, Bitcoin\u2019s store of value narrative took a back seat to a new narrative developing around looming economic recession and the asset\u2019s scarcity making it a safe haven asset<\/a> much like gold<\/a>.<\/span><\/p>\n

Bitcoin<\/a> has had many comparisons to the precious metal, and is considered to be its digital counterpart. But Bitcoin also appears to be following a fractal on gold charts \u2013 one that would have predicted the recent drop from a triangle chart pattern \u2013 and could help provide clues as to what happens to the market next.<\/span><\/p>\n

BTC Continues to Follow Gold Fractal<\/h2>\n

There\u2019s no denying that Bitcoin stole some of gold\u2019s limelight this year as the two, scarce, financial assets began to rise and embark on a new bull run this year in the face of an impending global recession.<\/span><\/p>\n

Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000<\/a>\u00a0<\/strong><\/em><\/p>\n

The two assets appeared to be highly correlated, rising and falling in tandem. It helped fuel that Bitcoin as a safe haven asset narrative<\/a>, alongside gold, and forex currencies like the Japanese yen or Swiss franc \u2013 all known to hold their value even when the rest of the financial world is in turmoil.<\/span><\/p>\n

https:\/\/twitter.com\/traderx0x0\/status\/92696322?s=21<\/p>\n

The correlation has ended with Bitcoin\u2019s latest break below support at $10,000, where Bitcoin plummeted 20% in the matter of a week. And while the correlation has ended, Bitcoin may still be following the precious metal in some way.<\/span><\/p>\n

According to one crypto analyst, a fractal on gold price charts from 2011 matches the price action within Bitcoin\u2019s recent triangle chart pattern formation. Like the crypto asset, gold also broke down from the formation, resulting in an extended reaccumulation and consideration phase that it is only now ending as the precious metal embarks on a new bull run.<\/span><\/p>\n

Max Pain: Bitcoin Could Trade Sideways in $5,000 For Next Two Years<\/h2>\n

By superimposing the price action following gold\u2019s fractal<\/a> breakdown over Bitcoin price<\/a> charts, it could provide clues as to what might happen next in crypto markets.<\/span><\/p>\n

\"\"<\/a><\/p>\n

If the crypto asset follows the fractal perfectly as it has so far, it suggests that Bitcoin price will be trading between where the triangle breakdown occurred \u2013 around $9,200 \u2013 and where the April rally broke out from the bear market bottom ascending triangle formation at around $4,200.<\/span><\/p>\n

Worse yet, Bitcoin could be stuck in this trading range the entirety of 2020 and into 2021 before it returns to where gold is currently \u2013 right below the former horizontal resistance where the triangle broke down and is struggling to get back above it and continue its bull run.<\/span><\/p>\n

Related Reading | Analyst: Gold Bull Run to Eat Bitcoin Alive, Takes Entire BTC Cap to Move Price 3%<\/a>\u00a0<\/strong><\/em><\/p>\n

Crypto traders like to talk about what would be the \u201cmax pain\u201d scenario, up, or down, but what might be the most painful of all, is two years being trapped inside a $5,000 trading range between $9, 000 and $4,000 for the next two years.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Throughout much of 2019, Bitcoin\u2019s store of value narrative took a back seat to a new narrative developing around looming economic recession and the asset\u2019s scarcity making it a safe haven asset much like gold. Bitcoin has had many comparisons to the precious metal, and is considered to be its digital counterpart. But Bitcoin also appears to be following a fractal on gold charts \u2013 one that would have predicted the recent drop from a triangle chart pattern \u2013 and could help provide clues as to what happens to the market next. BTC Continues to Follow Gold Fractal There\u2019s no denying that Bitcoin stole some of gold\u2019s limelight this year as the two, scarce, financial assets began to rise and embark on a new bull run this year in the face of an impending global recession. Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000\u00a0 The two assets appeared to be highly correlated, rising and falling in tandem. It helped fuel that Bitcoin as a safe haven asset narrative, alongside gold, and forex currencies like the Japanese yen or Swiss franc \u2013 all known to hold their value even when the rest of the financial world is in turmoil. https:\/\/twitter.com\/traderx0x0\/status\/92696322?s=21 The correlation has ended with Bitcoin\u2019s latest break below support at $10,000, where Bitcoin plummeted 20% in the matter of a week. And while the correlation has ended, Bitcoin may still be following the precious metal in some way. According to one crypto analyst, a fractal on gold price charts from 2011 matches the price action within Bitcoin\u2019s recent triangle chart pattern formation. Like the crypto asset, gold also broke down from the formation, resulting in an extended reaccumulation and consideration phase that it is only now ending as the precious metal embarks on a new bull run. Max Pain: Bitcoin Could Trade Sideways in $5,000 For Next Two Years By superimposing the price action following gold\u2019s fractal breakdown over Bitcoin price charts, it could provide clues as to what might happen next in crypto markets. If the crypto asset follows the fractal perfectly as it has so far, it suggests that Bitcoin price will be trading between where the triangle breakdown occurred \u2013 around $9,200 \u2013 and where the April rally broke out from the bear market bottom ascending triangle formation at around $4,200. Worse yet, Bitcoin could be stuck in this trading range the entirety of 2020 and into 2021 before it returns to where gold is currently \u2013 right below the former horizontal resistance where the triangle broke down and is struggling to get back above it and continue its bull run. Related Reading | Analyst: Gold Bull Run to Eat Bitcoin Alive, Takes Entire BTC Cap to Move Price 3%\u00a0 Crypto traders like to talk about what would be the \u201cmax pain\u201d scenario, up, or down, but what might be the most painful of all, is two years being trapped inside a $5,000 trading range between $9, 000 and $4,000 for the next two years.<\/p>\n","protected":false},"author":517,"featured_media":397354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,21578,2209],"class_list":["post-397351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-fractal","tag-gold"],"acf":[],"yoast_head":"\nGold Fractal Predicted Bitcoin Distribution, Up Next Is Two Years of 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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