crest_investments
Short

Parabolic Trend Broken?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Overnight we have seen a large drawdown in the price to $8600 when we were testing the lows of $9k over the weekend. This shows that the parabolic move from end of December has been broken. I am expecting a pull down to the long-term price trend @ $8k. at which point a reversal is likely to occur and push us up to the magical 10k by mid-February. Exciting volatility for the week ahead.

If my parabolic trend line is slightly out, we could still be within the curve, a push down would break my prediction and conversely a push up would reinforce it. It is just that we are in a void of non-confirmatory trades A break below $8.5 would trigger a short to $8k but a push up to $8.8k would reinforce the parabola. Trade with caution.

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