Build Base Or Bust? Bitcoin Touches Down On Parabolic Support
2021年9月18日 - 05:00AM
NEWSBTC
Bitcoin price is trading in the mid-$40,000 range, unable to get
through $50,000 but still holding strong the higher the recovery
goes. The series of higher lows continues, potentially creating
another base for the cryptocurrency to blast off from. This base
would mark the third out of four before the “selling point”
according to how parabola works in financial markets. But this is
all contingent on Bitcoin price holding a very crucial curved
support line, extending from the asset’s bear market bottom. Take a
look. Will The Bitcoin Parabola Break Or Blast Off From Here? The
king of cryptocurrency is stuck – between new highs and new lows,
so the market is undecided and fearful despite the high prices.
Several signs point to the peak at $65,000 being the top of the
cycle, which would mean targets fell significantly short of the
hundreds of thousands of dollars per coin which were expected
before it was all said and done. Related Reading | Bitcoin Golden
Cross: Everything You Need To Know About The Bullish Signal The
hope is that what was witnessed in April around the time when
Coinbase Global went live on the Nasdaq is instead a mid-cycle
pullback before the rest of the rally resumes. Will a base build or
the curve bust through? | Source: BTCUSDT on TradingView.com During
each bull market cycle, a series of higher lows keeps the
cryptocurrency climbing until the trend ends. According to where
the latest higher low as potentially formed, it could clarify a
parabolic curve that could carry the asset to higher prices
eventually. Elliott Wave Supports Theory And $100K Target At
Cycle Top In a comparison with a parabolic curve “step-like
formation” diagram, Bitcoin formed base one at the bottom. A much
longer base two formed following the June 2019 peak that clearly in
hindsight wasn’t the top. The third base could be in process now,
with the bottom being the bounce below $30,000. With higher lows
forming the parabolic curve pictured above, the recent selloff
during the day Bitcoin became legal tender in El Salvador, could
have been one last test of the curve before the cryptocurrency’s
bull run continues, or a more a deeper drop is to follow once the
curve breaks. Even on lower timeframes, Bitcoin is holding the
curved support | Source: BTCUSDT on TradingView.com Bitcoin is even
retesting that curve on lower timeframes at this very moment, so
there may be more clue as to direction soon enough. Down very
well could be the direction. The macro environment is bearish,
several altcoins are experiencing strong pullbacks after ridiculous
rallies, and the dollar is gaining strength. If parabolic support
holds, however, a line drawn across past mid-cycle peaks could
provide clues as to where the cycle eventually ends. Elliott Wave
is added to the parabola to support the target | Source: BTCUSDT on
TradingView.com Throw in some Elliott Wave Theory and there is a
potential roadmap that could follow. Major corrections tends to
fall back to the previous cycle’s wave four. Drawn from that wave
four across the top of what would ultimately be wave one and wave
three in the current cycle, should pin-point about where wave five
could stop. Related Reading | Bitcoin Price “Pitchfork Channel”
Could Pin-Point The Last Dip Ever Wave three is usually the longest
and easiest to spot of the bullish trend. Wave five should match
the Fibonacci structure of wave one. That would take Bitcoin
exactly to that line, which runs around $128,000 per BTC – but only
if it also continues to follow the parabolic curve drawn above.
Breaking through now could create a wider, lengthened parabola at
new lows, meaning base three failed. If it didn’t, it will cause
the asset to at least double in price before the top is in, which
means a lot closer to the six figures analysts have been predicting
for years now. Follow @TonySpilotroBTC on Twitter or via the
TonyTradesBTC Telegram. Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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