Bitcoin ‘Wave’ Fractal Points to Price Correction Towards $12K

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Bitcoin bears should prepare for its price to drop towards $12,000. The bearish analogy borrows evidence from an eerily accurate fractal on the cusp of repeating for the third time since March 2020. The said pattern is an upside parabola. Bitcoin ascends every time while treating it as support. The cryptocurrency then breaks below it, only to find a credible support level later. From there, Bitcoin consolidates sideways while also treating the parabola’s peak as its resistance level. The cryptocurrency eventually breaks out of the range, forms another upside parabola, and repeat. Only this time, the previous resistance flips into support. Bitcoin Wave Fractals illustration. Source: BTCUSD on TradingView.com As a result, Bitcoin now has two complete fractals: ‘Wave 1’ and ‘Wave 2.’ And now, it is halfway through completing the third one, dubbed as ‘Wave 3.’ The trade outlook is evident in the chart above. Bitcoin maintains support above…

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