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BTC Parabolic Phase Over ? Hello Traders, New Thesis on BTC, We may have had a blow off top and potentially be in the complacency stage of the Wall street cheat sheet, Points to consider, - Parabolic rise with a pull back of over 25%, the reaction rally which was expected - The rally was short lived with below average volume - Fibonacci target of 0.618 From daily ATH was met, typically a turning point in BTC price history - Volume is visually declining, this usually means an impulse move is around the corner Bitcoin is currently testing the daily .50 Fibonacci line, where a break of this will likely test lower levels, if the price however holds and pushes up with volume, then bulls have a greater chance on hitting higher highs and continuing this parabolic phase, although this needs to be confirmed with a break of the 0.618 Fibonacci level, we are currently trading in no mans land... What are your thoughts? Please leave a like and comment and remember, “Losses are necessary, as long as they are associated with a technique to help you learn from them” - David Sikhosana
BITMEX:BTCUSD.PShort
by AzizKhanZamani
3