Bitcoin appears to be the best investment in the world so far in the new decade as it has seen a massive surge from its recent low of $ 6,800 set in early January 2020.
BTC was able to build on this newly gained momentum today so that it could take advantage of its main short-term resistance before facing a sell-off.
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A fractal pattern now suggests that visiting Bitcoin at $ 9,000 could mark a medium-term high for the cryptocurrency, which could then follow a decline toward $ 7,000.
Bitcoin is struggling to crack $ 9,000 despite strong momentum
It seems that Bitcoin is currently under significant selling pressure at $ 9,000 as the strong upward momentum is not enough to drive BTC significantly above that level.
In the short term, analysts are seeing the cryptocurrency react to this price point, with a break and a sustained hold above that level may be enough to send BTC toward $ 10,000.
However, before the $ 10,000 is reached, the sizeable amount of sell orders currently around $ 9,200 could prove to be another hurdle to jump over before making a strong move towards the coveted five-digit price range.
One factor that should be kept in mind is that Bitcoin’s current price action reflects a bearish fractal formation, which – if this incredibly close correlation persists – suggests that BTC could soon face a critical rejection it could leads to the $ 7,000 region.
NebraskanGooner, a respected crypto trader and analyst on Twitter, recently tweeted about this striking fractal, noting that it could be confirmed soon if BTC is rejected on the trend line he addresses in the graph below.
Fractal update: this is crazy! The price was rejected almost exactly in the place of the dollar, as the mini-fractal showed. If this is true, the peak could be reached. Wait for confirmation of this trend line, which is considered resistance.
Fractal update
This is crazy! Price rejected at almost the exact dollar as the mini-fractal showed
If it holds true, the top could be in
Wait for confirmation of this trend line hold as resistance
According to this, shorting a retest of 9k is the next play before 7k pic.twitter.com/b5hf2t0do4
– NebraskanGooner? (@nebraskangooner) January 17, 2020
How the Bitcoin trend should demonstrate the validity of this fractal in the coming hours and days is something that highly bullish traders should keep an eye on.
Proof of text: cryptoslate
Last update: Sunday, January 19, 2020
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