I've updated the chart from my previous idea to replace the skewed parabolas with true parabolas. This has revised the target to $90,000 in September. Personally I prefer the "life's" approach of $52,000 on 15th August in my previous as this seems more realistic but hey ho (it's xmas!) - That's the chart. :)
It's good to see 'price wise' that the parabolas are holding strong but they need to be less aggressive as we can't go vertical! This leaves us with two options:
1. The parabola needs to be less aggressive in which case we are about to get a period of consolidation OR
2. That's it folks the limits reached and we should all sell off and make another typical Bitcoin retracement.
My gut tells me the result will be option 1 but Why?
$30,000 is a good number to relax at and it's also a good psychological level at which to form support and resistance at. Rather like ascending Mt. Everest, you can't walk or run up in one go, you got to do it in stages! :) This would take out the parabola's aggression.
There is too much 'technology acceptance' going on (at a parabolic rate!), of which Blockchain and Bitcoin are a part of.
With Bitcoin's reputation and acceptance turning from: 'I wouldn't touch it with a barge pole!' to one of: 'A trusted global currency used by the very critics that condemned it before!).
The beauty about this is that the youth of today (old expression about our future) are the ones who have gown up with technology and are fully aware of its potential and who are the ones now entering into government, banking, business and so on! ;-)
You can see the flat trend lines (dark blue) that confirm the path of the parabola.
Happy New Year to all.
It's good to see 'price wise' that the parabolas are holding strong but they need to be less aggressive as we can't go vertical! This leaves us with two options:
1. The parabola needs to be less aggressive in which case we are about to get a period of consolidation OR
2. That's it folks the limits reached and we should all sell off and make another typical Bitcoin retracement.
My gut tells me the result will be option 1 but Why?
$30,000 is a good number to relax at and it's also a good psychological level at which to form support and resistance at. Rather like ascending Mt. Everest, you can't walk or run up in one go, you got to do it in stages! :) This would take out the parabola's aggression.
There is too much 'technology acceptance' going on (at a parabolic rate!), of which Blockchain and Bitcoin are a part of.
With Bitcoin's reputation and acceptance turning from: 'I wouldn't touch it with a barge pole!' to one of: 'A trusted global currency used by the very critics that condemned it before!).
The beauty about this is that the youth of today (old expression about our future) are the ones who have gown up with technology and are fully aware of its potential and who are the ones now entering into government, banking, business and so on! ;-)
You can see the flat trend lines (dark blue) that confirm the path of the parabola.
Happy New Year to all.
Comment:
Well try as it might, BTC just couldn't go vertical, it tried with a whacking high of 42k! :-)
So good to see the above charted parabolas holding strong together with some consolidation in the lower to mid 30's.
As above there is just too much financial and banking business, not only accepting chain block technology for themselves but also by providing the mechanism for clients to buy/sell/invest in crypto assets.
So good to see the above charted parabolas holding strong together with some consolidation in the lower to mid 30's.
As above there is just too much financial and banking business, not only accepting chain block technology for themselves but also by providing the mechanism for clients to buy/sell/invest in crypto assets.
Excellent timing to flatten off the parabola...