Bitcoin About to go Parabolic? Owhooooo!
Updated
Looking at this 4hr chart I am still seeing a lot of possibilities for Bitcoin.
For me, if we get above about $56,000 then we are in a potentially parabolic liftoff zone!
I am seeing confirmation of the overall bullish trend in the inverse head and shoulders as well as a breakout of an ascending triangle. The target for these breakouts seems to be around $61,000.
We are also inside the green upward rising channel that has been a critical factor in Bitcoin's bullish trend.
If this is a fake out and we break down again then the target could be down around $35,000.
For me, this daily chart shows Bitcoin breaking out of a bullish pennant and the measured move targets (depending how you like to draw it) is between $72,000 and about $80,000. Let's keep in mind that a break down to retest the trend line around $42,000 would still be overall bullish and healthy for the uptrend.
Owhooooo!
For me, if we get above about $56,000 then we are in a potentially parabolic liftoff zone!
I am seeing confirmation of the overall bullish trend in the inverse head and shoulders as well as a breakout of an ascending triangle. The target for these breakouts seems to be around $61,000.
We are also inside the green upward rising channel that has been a critical factor in Bitcoin's bullish trend.
If this is a fake out and we break down again then the target could be down around $35,000.
For me, this daily chart shows Bitcoin breaking out of a bullish pennant and the measured move targets (depending how you like to draw it) is between $72,000 and about $80,000. Let's keep in mind that a break down to retest the trend line around $42,000 would still be overall bullish and healthy for the uptrend.
Owhooooo!
Note
Note
Just doing drawrings...
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