Factors Are Accumulating in Favor of Rising Bitcoin Fractal Despite Latest Drop

Bitcoin price action is back in the $30,000 low range after another failed attempt to hit $40,000 over Father's Day weekend. The efforts of the bulls are getting weaker, even now resulting in a "death cross" on daily timeframes. But can they pretend to be weak, ready to squeeze short traders and push prices up again? The stage is so finely tuned that price action and a few key technical indicators closely mimic the behavior around one of the biggest pumps in Bitcoin history. Will it be like this in the coming days? Bitcoin Bullish Cycle Complete or Simple Consolidation? Markets are cyclical and trends can span years, months, weeks or even days. Technical analysts look for the earliest signs of a trend and try to capitalize on that trend for as long as possible. From the Black Thursday low, the Bitcoin uptrend has clearly ended and there is now some confusion in the market as to whether a downtrend has started or whether the more dominant primary uptrend remains intact. Related literature | The Missing Component of a Complete Bitcoin Comeback If the larger bull market for Bitcoin is now over, it will be one of the shortest in its history. Analysts expected the cycles to lengthen, confirming the theory that the bull cycle has not yet been broken. Instead, the price action in the top cryptocurrency seems to mimic the technical patterns that followed the last big peak in June 2019. Multiple signals, last major deathcross post rally | Source: at TradingView.com BTCUSD Fractal Provides Several Technical Factors to Support Record-Breaking Reversal Rally After bitcoin price slumped from its June 2019 high, there was a sharp downside move followed by consolidation. The same thing is happening again now, and while that isn't enough to warrant much attention, the fact that several trading indicators show a similar setup can tell what's to come.

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