Parabolic chart - bubble popping soon?
Updated
First off this idea is completely hypothetical and BTC always surprises me so please don't trade off this "idea".
What I see a is a drop to between 7000-7100, then a rise up roughly equal to the pole of the a potential bull flag formation. This would put it roughly around the 9000-9050 area. This would also put it right at the parabolic line and potentially prick the bubble. Any movement to the right of the parabolic line would mean the bubble has popped. That's assuming the parabolic line is valid of course. If it pops, we could see it drop quickly all the way to -1.618 level or lower. This would have BTC hitting less than half the all time high pre-pop.
This is just an idea put together through fib levels, unformed trend-lines and chart patterns so by no means is it bound to happen but I thought I'd go bold with this chart.
Thanks for checking my idea out. Good luck and happy trading.
What I see a is a drop to between 7000-7100, then a rise up roughly equal to the pole of the a potential bull flag formation. This would put it roughly around the 9000-9050 area. This would also put it right at the parabolic line and potentially prick the bubble. Any movement to the right of the parabolic line would mean the bubble has popped. That's assuming the parabolic line is valid of course. If it pops, we could see it drop quickly all the way to -1.618 level or lower. This would have BTC hitting less than half the all time high pre-pop.
This is just an idea put together through fib levels, unformed trend-lines and chart patterns so by no means is it bound to happen but I thought I'd go bold with this chart.
Thanks for checking my idea out. Good luck and happy trading.
Trade closed: target reached
reached my orange line - moved holdings into alts, will monitor closely
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