BTC Parabola Broken!
We have been in a parabolic uptrend. The price went up a few hundred percent and we got parabola break. That's a significant signal that a major correction is on the way. Reversal candles at the top on the weekly are telling to be intermediate-term bearish.
We've got a lot of downside from the current levels at least to 8.5-7.5k, where we have a bunch of support.
According to Fib levels from the bottom to the recent top, 7250 would be a 61.8% retrace of this parabolic move up, which still would be bullish. 8500 is a strong horizontal level. EMA21 & MA30, which were pretty relevant and acted as support/resistance, are coming there.
As of right now, 8.5-7.5k area seems to be a good buy zone, but it depends on how BTC gets there. It might not even get there and reverse before, but we are expecting to see lower prices.
After a major run up like we just had, it's reasonable to expect one of two things to occur: the following correction is going to be either significantly deeper or last for much longer than people expect.
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The information given is never financial advice. Always do your own research.
We've got a lot of downside from the current levels at least to 8.5-7.5k, where we have a bunch of support.
According to Fib levels from the bottom to the recent top, 7250 would be a 61.8% retrace of this parabolic move up, which still would be bullish. 8500 is a strong horizontal level. EMA21 & MA30, which were pretty relevant and acted as support/resistance, are coming there.
As of right now, 8.5-7.5k area seems to be a good buy zone, but it depends on how BTC gets there. It might not even get there and reverse before, but we are expecting to see lower prices.
After a major run up like we just had, it's reasonable to expect one of two things to occur: the following correction is going to be either significantly deeper or last for much longer than people expect.
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
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