BTC rise has been impressive the last few weeks with market triggering excitement after hitting a series of ATH and finally punching the elusive100k levels, and pushing it further to 110k as a bonus.
But like with any overheated parabolic move, a cool down will need to transpire eventually. And that season is ripe now for the king of coins.
From the diagram we are seeing some curve fitting price action, with horizontal ranging at the upper channel -- indicating a bull saturation scenario.
A corrective phase to 0.5 fib levels maybe expected in the next few weeks. It did the same behavior last time. This hibernation would be healthy in the long run - and it needed to happen.
Spotted at 104k.
Target sub 100k levels / or 0.5 fib at 94k.
TAYOR.
Trade safely.
But like with any overheated parabolic move, a cool down will need to transpire eventually. And that season is ripe now for the king of coins.
From the diagram we are seeing some curve fitting price action, with horizontal ranging at the upper channel -- indicating a bull saturation scenario.
A corrective phase to 0.5 fib levels maybe expected in the next few weeks. It did the same behavior last time. This hibernation would be healthy in the long run - and it needed to happen.
Spotted at 104k.
Target sub 100k levels / or 0.5 fib at 94k.
TAYOR.
Trade safely.
Note
another view. Note
typo on this part above***with horizontal ranging at the upper channel -- indicating a bull saturation scenario.
should be "bear saturation scenario""
Note
update on long term metrics.. we are definitely shifting.Expect some multiweek hibernation for btc. more trims ahead.
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Disclaimer
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.