Looking at the weekly TF chart, we can see that Bitcoin went parabolic and broke out to the upside of its previous growth channel. Once parabolic moves to the upside end, they tend to act equally to the downside. I don't want to suggest to short at this moment, but once the trend shifts, we could have 2 potential targets for the weekly retracements:
The first target would be at the top of the previous channel at around 16k (-17%). We might even just bounce here and see a follow-up wave to the downside.
The second target would be the bottom of the channel at around 13.5k (-30%) which would also align with the top of the local high in June 2019.
In the past we have experienced several retracements of 30%-40%. I believe in the past months we saw great adoption, but this does not mean it will always go up from here.
Good luck in whatever decisions you take!
The first target would be at the top of the previous channel at around 16k (-17%). We might even just bounce here and see a follow-up wave to the downside.
The second target would be the bottom of the channel at around 13.5k (-30%) which would also align with the top of the local high in June 2019.
In the past we have experienced several retracements of 30%-40%. I believe in the past months we saw great adoption, but this does not mean it will always go up from here.
Good luck in whatever decisions you take!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.