Bitcoin loves the "parabolic" pattern, here is an analysis of one on a shorter time frame. This is likely to lead to insights on this much intermediate parabolic pattern.
Within this pattern, we can see accumulation occurring at the base, which can be identified by the trendline occurring in the RSI, this occurred in a very similar way to our exponential growth within march off the 2-3 month base. As the RSI continued to rise, the price was range bound. Once the second base was made, it was clear that the RSI had made a new trendline showing the increased structure of the rising demand within the smaller time frame on bitcoin.
On the third base, the price of bitcoin increased by 6-7 percent, this is important to note because, although we cannot double the price of the third base, if we turn into percentages the rise in price can be compared. From the third base, within the same amount of time to form the 2 initial bases, the price increases by 11-12 percent, which is nearly double that of the third base.
The price action hits a relative high of ~12850 and then it drops to the .6 fib. it then retests the price and falls once again.
Please note: this analysis does not assume that it will currently fall further as the longer time frames would need to take precedence for that to occur.
This analysis corresponds with:
Within this pattern, we can see accumulation occurring at the base, which can be identified by the trendline occurring in the RSI, this occurred in a very similar way to our exponential growth within march off the 2-3 month base. As the RSI continued to rise, the price was range bound. Once the second base was made, it was clear that the RSI had made a new trendline showing the increased structure of the rising demand within the smaller time frame on bitcoin.
On the third base, the price of bitcoin increased by 6-7 percent, this is important to note because, although we cannot double the price of the third base, if we turn into percentages the rise in price can be compared. From the third base, within the same amount of time to form the 2 initial bases, the price increases by 11-12 percent, which is nearly double that of the third base.
The price action hits a relative high of ~12850 and then it drops to the .6 fib. it then retests the price and falls once again.
Please note: this analysis does not assume that it will currently fall further as the longer time frames would need to take precedence for that to occur.
This analysis corresponds with:
