Bitcoin ‘Wave’ Fractal Points to Price Correction Towards $12K

Bitcoin ‘Wave’ Fractal Points to Price Correction Towards $12K


The level prompts traders/investors to reposition their bullish targets. As a result, they accumulate Bitcoin while setting their initial sell-off level at ,845, the top of Wave 3. Traders then eye an extended consolidation between ,153 and ,845, followed by an upside breakout move that forms Wave 4.
Trump wins = brrr
Nevertheless, the cryptocurrency finds a credible price floor at ,153.

The trade outlook is evident in the chart above. Bitcoin maintains support above bullish Wave 3. A high selling sentiment ensues at the top levels that cause a price correction. Bitcoin breaks below Wave 3 and sets its downside target towards at least ,153, which is the top of the previous wave – and now serving as support.

One day, the market is going upward, only to see it correcting lower the next day. There is a short-term bias conflict that depends on how the election plays out. Part of the reason is the long-delayed stimulus deal. Both the Democrats and the Republicans have entered a political deadlock over the release of the next coronavirus fiscal relief.
Biden wins = brrr
Bitcoin Wave Fractals illustration. Source: BTCUSD on
— Barry Silbert (@BarrySilbert) October 28, 2020

Fundamentally Correct

Either way, bitcoin wins
The apprehensively possible consolidation phase expects to come ahead of the November 3 presidential election. As covered earlier, uncertainty over the outcome of the Donald Trump vs. Joe Biden standoff has kept investors cautious about putting all their money in risky, as well as safe-haven assets.
Technically, Bitcoin could form ‘Wave 4’ after the election, flipping ,845 into a support level.

Bitcoin traders are watching the developments in the US political space closely for the very same reason. The cryptocurrency surged by more than 200 percent after the first fiscal aid of roughly trillion. That itself serves as a fundamental fractal, suggesting a big Bitcoin rally would follow once the US chooses its president.

Bitcoin Downside Risks is author of this content, is is not responsible for the content of external sites.

From there, Bitcoin consolidates sideways while also treating the parabola’s peak as its resistance level. The cryptocurrency eventually breaks out of the range, forms another upside parabola, and repeat. Only this time, the previous resistance flips into support.

Send bulk sms with Bitcoin and don’t worry If your link gets reported. We are constantly monitoring your links and We’ll pause your campaigns if any issue…