Bitcoin price must break $31K to avoid 2023 ‘bearish fractal’
The post Bitcoin price must break $31K to avoid 2023 ‘bearish fractal’ appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) held above $30,000 at the Oct. 23 Wall Street open as analysis said BTC price strength could cancel its “bearish fractal.” BTC/USD 1-hour chart. Source: TradingView BTC price preserves majority of early upside Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hovered near $30,700, still up 2.5% on Oct. 23. The largest cryptocurrency made snap gains after the Oct. 22 weekly close, stopping just shy of $31,000 in what became its highest levels since July. Now, popular trader and analyst Rekt Capital is keen to see the $31,000 level break. “Bitcoin has Weekly Closed above the Lower High resistance to confirm the breakout,” he commented alongside the weekly chart. BTC/USD annotated chart. Source: Rekt Capital/X Rekt Capital argued that BTC/USD could disregard the bearish chart fractal in play throughout 2023 next. This had involved the two year-to-date highs near $32,000 forming a doubletop formation, with downside due as a result. Specifically, Bitcoin requires a “breach” of $31,000 in order to do so. #BTC Is Bitcoin on the cusp of invalidating the Bearish Fractal? Here are the Bearish Fractal Invalidation Criteria: a) Bull Market Support Band holds as support ✅ b) Weekly Close beyond Lower High resistance ✅ c) Breach of $31k yearly highs ❌$BTC #Crypto #Bitcoin https://t.co/4H3OMiDzFB pic.twitter.com/mjoO8OF1Qs — Rekt Capital (@rektcapital) October 23, 2023 More encouraging cues came from the True Market Deviation indicator from on-chain analytics firm Glassnode. As noted by its lead analyst, Checkmate, on Oct. 23, the metric, also known as the Average Active Investor (AVIV) profit ratio, has crossed a key level. Bitcoin’s True Mean Market price (TMM) — the level that BTC/USD spends exactly 50% above or below — is now below its spot price, at $29,780. “Have we now paid our bear market dues?” Checkmate queried, describing TMM…
Filed under: News - @ October 24, 2023 12:16 am