Bitcoin Fractal from June 2020 Hints Major Bull Run Ahead

Bitcoin Fractal from June 2020 Hints Major Bull Run Ahead

Bitcoin may head higher in the coming sessions based on its price action’s similarities with a fractal from June 2020.

First spotted by TradingShot, an independent trading signals provider, the fractal boasts about a support level near $9,000 that stood firm between June 25 and July 21 this year. Traders attempted to break below the floor for 26-days straight but failed every time owing to a higher buying sentiment around it.

Meanwhile, the same period saw a so-called “LMACD Squeeze.”

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Strong Bitcoin Accumulation

In retrospect, LMACD stands for Logarithmic Moving Average Convergence Divergence, a technical indicator that shows the relationship between two moving averages of an asset’s price. Meanwhile, the term ‘Squeeze’ points towards a big breakout move, based on Bitcoin’s historical reaction to the growing proximity between Signal Line and MACD output.

The last occurrence of LMACD Squeeze coincided with Bitcoin’s consolidation above the $9,000 level. Later, the cryptocurrency underwent a massive breakout move towards $10,500.

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