In my previous post here i was a bit bearish on bitcoin because of the bearish divergence seen at the weekly close of the candle, but the resilient bulls weren't ready to let go, as they continued to push price higher, and in turns, pushed the RSI back to a higher high position.
So Where Are We Headed From Here?
Three white soldiers candle stick formation on the weekly this is a bullish formation, an indication that the wave 5 count is entering another round of parabolic move........ Could this mean we are nearing exhaustion?
Well we may be, but its hard to predict a reversal point right now, as Bitcoin's recent parabola has ignored all Technicals especially the bearish divergence noticed on the daily again and again, and the recent one noticed on the weekly. We can only stick with the trend while it last.
Price touched 12858 BRIEFLY, where we have a minor resistance on the weekly. Price is presently battling this area and it should take out this resistance in no time.
Once this resistance is taking out, our next target on the weekly is 14500.
However, there are simply no STRONG resistance told contain this parabolic move anything above the 14000 level.
The two horizontal resistance above the 12800 on the weekly— 14500 & 16700-17200, are pretty weak and may not hold this aggressive parabola IMO.
So, once the 12800-13500 is taking out on the weekly, it is possible we see a sharp rise that will create an extended wave 5 all the way to 20000 followed by a huge sell-off IMO. Again, its is also possible we get a little correction before we reach a blow off top on this move.
This is not no say we are going to 20000 before correction, this are my own opinion and not an investment advice. Always do your own research
So Where Are We Headed From Here?
Three white soldiers candle stick formation on the weekly this is a bullish formation, an indication that the wave 5 count is entering another round of parabolic move........ Could this mean we are nearing exhaustion?
Well we may be, but its hard to predict a reversal point right now, as Bitcoin's recent parabola has ignored all Technicals especially the bearish divergence noticed on the daily again and again, and the recent one noticed on the weekly. We can only stick with the trend while it last.
Price touched 12858 BRIEFLY, where we have a minor resistance on the weekly. Price is presently battling this area and it should take out this resistance in no time.
Once this resistance is taking out, our next target on the weekly is 14500.
However, there are simply no STRONG resistance told contain this parabolic move anything above the 14000 level.
The two horizontal resistance above the 12800 on the weekly— 14500 & 16700-17200, are pretty weak and may not hold this aggressive parabola IMO.
So, once the 12800-13500 is taking out on the weekly, it is possible we see a sharp rise that will create an extended wave 5 all the way to 20000 followed by a huge sell-off IMO. Again, its is also possible we get a little correction before we reach a blow off top on this move.
This is not no say we are going to 20000 before correction, this are my own opinion and not an investment advice. Always do your own research
