The current BTC price movement has a number of similarities with the 2018 bottom. There are certain things that might happen if the price acts in the same manner. The trend will make the price consolidate until 2020 February before finally breaking out.
A Possible Fractal For The Coin
Since November 25th, the price of this leading coin has been increasing. It is on this same date that it hit the low price of $6615. It has since experienced ensuing retracement and an upward move. This is very similar to the bottom it experienced in 2018 December. It was after December 2018 that the price of the coin moved up to $13,764.
Possible fractal for the price of the coin has been analyzed by @davthewave. He is a cryptocurrency trader. The fractal has compared December 2018 BTC movement and the current local bottom. According to the analyst, there are certain similarities to the two timeframes.
More About The 2018 Bottom
The price of this leading coin hit a low of $3215 in December 15th last year. This is the day that marked the start of the fractal. The movement was later preceded by certain bullish divergence in the overpriced RSI.
The price later increased to a new level of $4200. After that, it started a new downward move. It later broke down below the level of $0.5 and bounced back to $0.25 twice. It did this without finishing up a full retracement.
The price later started an upward move that hit a high of $4200. This is what made it to move above the 100- and 50-day moving averages that proceeded to make a certain bullish cross.
Bitcoin At The Moment
On the 25th of November 2019, the price hit a low of $6618. The movement was followed by a bullish divergence in the high RSI. This had certain similarities to the bottom witnessed in 2018. After that low, the price moved up and culminated with a high of $7800.
There are certain things that might happen if the price follows the same trend. It might soon break below the price of $7300, and hit $6900 by January. It should later launch a gradual acceleration before February 2020 breakout.
More Price Indications
In addition to all that, both the 100- and 50-day moving averages are moving downward. Both the moving averages could be seen moving in the similar way in 2018. The MA’s are expected to continue decreasing until the year 2020. This is before the price starts an upward move and flips them as great support. After all that, a bullish cross between the two is expected to take place. This is the main prediction for Bitcoin in the coming times.