I've been trying to forecast BTCUSD patterns by looking at a straight trend line but decided to redraw it as a parabolic curve, which is basically what it is.
Looking at this information blog.forex4you.com/t...bolic-curve-pattern/ we can observe that we are now resuming the bull run after Base 4, which could be the last run before its sell point.
Extrapolating the parabolic curve and the top trend line, it looks like they may meet at $9500-10k where I would expect it to be the sell point to cool off this parabolic rise.
Looking at this information blog.forex4you.com/t...bolic-curve-pattern/ we can observe that we are now resuming the bull run after Base 4, which could be the last run before its sell point.
Extrapolating the parabolic curve and the top trend line, it looks like they may meet at $9500-10k where I would expect it to be the sell point to cool off this parabolic rise.
Comment:
Still some steam to move up. Looks like $8400 is the point where we may see RSI indicating overbought and BTCUSD coming to a small correction, likely back to $8000.
We're still trading inside the wedge.
We're still trading inside the wedge.
Trade closed: target reached:
It seems like I was wrong about the top, but not about the final run. Bear market coming?
Looks like we will see some investors taking profit for the day and BTC could retest $7000 tomorrow before resuming the parabolic run.
The dotted blue line requires attention. If BTCUSD breaks that line, things will go crazy.