This is an update to my parabolic-turn-around idea originally published May 5:
Well, this did happen -– and it *was* scary!
But it’s the downward overshoot that amazes me. It didn’t bounce off my 50% retrace target of $34,300 -- it bounced off the lower parabola – exactly!
Furthermore, if one draws the 14-month-old price channel (shown in red), the lower line intersects yesterday’s low. There must be some parabolic math that explains this, but that’s beyond my calculus!
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I’m quite sure BTC hit bottom yesterday. Four reasons:
1. Major bottoms most always announced themselves with a rapid smackdown followed immediately by a strong rebound. And we got both.
2. We satisfied the most common/important major retrace: 50%.
3. The price hit (simultaneously) two unrelated TA lines: the lower price channel line and the lower parabolic line.
4. The price is now some 40% above the bottom. Tis very unlikely to come back down to $30,000.
Where do we go from here? UP!
Major bottoms usually initiate a new price channel, and the new channel most always has a greater slope than the previous. In other words, a steeper rise upward. The top of the new channel may be similar to the purple line on the chart.
$100,000 by year’s end is certainly possible — but my money’s on the faster moving Alt coins, especially those with a market cap less than $1B and high volume.
Whatever you choose, enjoy the ride.
Nothing I post should be construed as trading advice.
Sincerely,
Bullbearish
(I'm a Bull, but Bear happens.)
Well, this did happen -– and it *was* scary!
But it’s the downward overshoot that amazes me. It didn’t bounce off my 50% retrace target of $34,300 -- it bounced off the lower parabola – exactly!
Furthermore, if one draws the 14-month-old price channel (shown in red), the lower line intersects yesterday’s low. There must be some parabolic math that explains this, but that’s beyond my calculus!
________________________________
I’m quite sure BTC hit bottom yesterday. Four reasons:
1. Major bottoms most always announced themselves with a rapid smackdown followed immediately by a strong rebound. And we got both.
2. We satisfied the most common/important major retrace: 50%.
3. The price hit (simultaneously) two unrelated TA lines: the lower price channel line and the lower parabolic line.
4. The price is now some 40% above the bottom. Tis very unlikely to come back down to $30,000.
Where do we go from here? UP!
Major bottoms usually initiate a new price channel, and the new channel most always has a greater slope than the previous. In other words, a steeper rise upward. The top of the new channel may be similar to the purple line on the chart.
$100,000 by year’s end is certainly possible — but my money’s on the faster moving Alt coins, especially those with a market cap less than $1B and high volume.
Whatever you choose, enjoy the ride.
Nothing I post should be construed as trading advice.
Sincerely,
Bullbearish
(I'm a Bull, but Bear happens.)