Hello All,
For today, I wanted to talk about Bitcoins current price action. In my previous analysis of bitcoin we discussed the inverted head and shoulder and its price objective of 8500; in addition, I suggested that bitcoin would re-enter an uptrend. This analysis is a continuation of the previous, however, I will be analyzing shorter term movements.
Keeping in mind the longer term objective, it does seem as if bitcoin is in a small parabolic move right now as the bases before each upswing is gradually reducing in duration. If bitcoin continues from this point as there is a possibility that there is a minor double top in this region with possible movement to 8300, it will be testing the horizontal resistance of 9400-9600 which was the previous support of the descending triangle. This is an important region to be analyzing because it was a strong support in that area, and it may be seen as a strong point of resistance.
At this point it is likely that bitcoin will continue in the same direction until 9400-9600 (Expect to wick over this region), however, if price is rejected at this region, 8300 should hold as a shorter term buying point.
Just to summarize, this mini parabolic move could go as far up as 11000 and 9400 is the point of the strongest resistance, so 9400-11000 is my interval for the price objective.
On the daily I am really looking for a test of about 10k before there is a good solid rejection to for a strong consolidation something as presented below:
Previous Analysis:
Once again, determining tops for a parabolic is very difficult as most points of resistance seem to melt away as the mania heightens. For a more thorough analysis of parabolic movements please read my previous analysis:
Best of Luck and Stay Technical!
For today, I wanted to talk about Bitcoins current price action. In my previous analysis of bitcoin we discussed the inverted head and shoulder and its price objective of 8500; in addition, I suggested that bitcoin would re-enter an uptrend. This analysis is a continuation of the previous, however, I will be analyzing shorter term movements.
Keeping in mind the longer term objective, it does seem as if bitcoin is in a small parabolic move right now as the bases before each upswing is gradually reducing in duration. If bitcoin continues from this point as there is a possibility that there is a minor double top in this region with possible movement to 8300, it will be testing the horizontal resistance of 9400-9600 which was the previous support of the descending triangle. This is an important region to be analyzing because it was a strong support in that area, and it may be seen as a strong point of resistance.
At this point it is likely that bitcoin will continue in the same direction until 9400-9600 (Expect to wick over this region), however, if price is rejected at this region, 8300 should hold as a shorter term buying point.
Just to summarize, this mini parabolic move could go as far up as 11000 and 9400 is the point of the strongest resistance, so 9400-11000 is my interval for the price objective.
On the daily I am really looking for a test of about 10k before there is a good solid rejection to for a strong consolidation something as presented below:
Previous Analysis:
Once again, determining tops for a parabolic is very difficult as most points of resistance seem to melt away as the mania heightens. For a more thorough analysis of parabolic movements please read my previous analysis:
Best of Luck and Stay Technical!