Bitcoin Price Double Fractal Points To “Extended” Parabolic Rally
16 Maggio 2023 - 1:01AM
NEWSBTC
Bitcoin price seems to merely be grinding upwards, with a dusting
of chop in between. What corrections have arrived have been
minimal, and are shockingly similar in both time and price. This
fractal behavior could be a sign of an important Elliott Wave
signal, that not only says that BTCUSD is about to go parabolic,
but that the rally should be “extended” in its price movement.
Bitcoin Price And Time Fractal Discovered After a small recovery
from the November 2022 bottom in crypto markets, Bitcoin corrected
sharply. The correction was short-lived, due to a sudden banking
crisis emerging. BTCUSD then made another run higher to above
$30,000 per coin, and is once again correcting after a second,
roughly 50% upward move. Related Reading: Check Out This Shocking
Pepe Coin Versus Bitcoin Comparison The two similar sized moves
took placed in approximately the same amount of time. Superimposing
a fractal of one above or below the other demonstrates just how
similar they are in time and price. This sort of behavior is a
fairly common occurence in Elliott Wave Principle called a 1-2/1-2
setup, and it could mean the crypto market is about to explode
higher. Will BTC double after this double fractal? | BTCUSD on
TradingView.com All About The 1-2 1-2 Elliott Wave Setup The
1-2/1-2 is a phenomenon when a smaller degree wave 1 and 2 take on
a similar shape and length of the previous, larger degree wave 1
and 2. Much like the first 1-2 is a larger degree wave, and the
second 1-2 is a smaller degree wave, their appearance suggests an
even larger degree wave will be extended. According to a
description, a “1-2/1-2 structure is an indication that the larger
degree impulse wave in development is extending.” “The 2nd wave 1-2
structure needs to be similar in proportions to that of the first
1-2 structure, not taking much more, if any more, time than the
first. Remember, you are actually seeing the development of a
smaller degree impulse wave, so expect it to be a bit smaller than
the larger degree structure.” “An extension suggests a massive
elongation of the impulse pattern,” a website further reads.
Related Reading: Has Bitcoin Completed The Perfect Pullback After a
completed wave 2 correction, wave 3 should begin. However, if price
stops short of expectations and forms a similar sized pattern as
the first waves 1 and 2, it suggests a second set of waves 1 and 2
that help increase the size of the overall wave 3 that was first
anticipated. This type of behavior has been spotted in not only
Bitcoin. It is also evident in Chainlink, Litecoin, and the Total
Crypto Market Cap chart. Several coins exhibiting the pattern could
point to full participation across the market in the next more
substantial rally. It's as easy as 1-2 1-2…#Bitcoin showings signs
of an extended larger degree wave 5.https://t.co/4EDcrVn5iS
pic.twitter.com/tpdHJnST3p — Tony "The Bull" (@tonythebullBTC) May
15, 2023 Tony is the author of the CoinChartist (VIP) newsletter.
Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or
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insights and technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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