Every correction (widely known as "bear market") of a parabolic BTC move ended up in a touch of the supporting curve - which is also flattening and bigger parabolic moves can now have bigger retracement periods. All of previous corrections (which happened during an on-going multimarket bubble growht!) have something in common - a support that finally got breached - since that moment - the price entered a consolidation period - for about 100 to max 300 days. A situation that hasn't occurred before was the covid crash, which looks like an excuse to form a bottom by touching that curve.
This time we are far away from it - setting some kind of resistance on 18k area, but I have no doubt it will get breached - the only question is if we will go higher and then dump in a Covid 2020 way, or will we gradually bleed out until reaching the bottom - my personal bottomest bottom sits at $8-9k.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.