Fractal Analysis: Bitcoin Will Undergo a Slight Correction Towards $11,000

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Bitcoin may not sustain its highs after pushing as high as $11,500 on Friday evening. One trader recently noted that a simple fractal analysis suggests the coin will undergo a retracement after hitting $11,400. The trader said that the cryptocurrency has some similarities to price action around two weeks ago. While the fractal may be valid in its own right, the discussion around the next fiscal stimulus bill in the U.S. is likely to drive Bitcoin’s price action in the near future. Bitcoin Could Drop, Fractal Analysis Suggests Bitcoin could drop from current levels by a few percent if it is to follow a fractal observed by a cryptocurrency trader. The trader shared the chart below on October 11th, noting that there are clear similarities between the price action in late September to that seen over the past few days. This fractal suggests that there will be a “standard Sunday…

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