{"id":397351,"date":"2019-09-27T19:00:55","date_gmt":"2019-09-27T19:00:55","guid":{"rendered":"https:\/\/ktsl888.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:\/\/ktsl888.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 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 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>\nBTC Continues to Follow Gold Fractal<\/h2>\n
Max Pain: Bitcoin Could Trade Sideways in $5,000 For Next Two Years<\/h2>\n