Bitcoin “Compression” Fractal from 2019 Hints Big Breakdown Ahead

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Bitcoin is at risk of undergoing a significant breakdown as it consolidates inside a compressive technical pattern. The analogy surfaced as an analyst compared Bitcoin’s latest trend with the one from 2019. He noted that the cryptocurrency consolidated inside a similar Symmetrical Triangle range last year before breaking down towards $6,500 from $14,000-top. As Bitcoin’s modest rally this week comes to halt, analysts have started expressing their worries of a bigger downside move ahead. Cryptocurrency trader Josh Rager shared a BTCUSD chart Friday morning that showed the pair trending inside a contracting trading range. The pattern looked like a Symmetrical Triangle, confirmed by two converging trendlines connecting a series of Bitcoin’s sequential peaks and troughs. Mr. Rager pitted the pattern against its twin from 2019. Right after Bitcoin established a year-to-date top near $14,000, it started consolidating inside a Symmetrical Triangle-like fractal. The outcome was a negative breakout. The BTCUSD…

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