ParabolicInvestor

BCH Parabola

BITFINEX:BCHUSD   None
Extreme short term parabolic move being entirely retraced.
Comment: Appears to be following this trajectory almost perfectly, but where it stops might be a bit higher (maybe 1000 instead of 800). It's hard to get that part. Safe to say this pump and dump is over, and all the upswing is being completel unwound.

Comments

what does that actually mean, and what analysis do you think? long or short ?
Reply
ParabolicInvestor kunal.barchha1285
@kunal.barchha1285, this is a technical, mathematical parabola. It means the move returns to where it started. You can see this oil parabola of a few years ago, and the shanghai parabola also from a few years back. It means a finite amount of capacity drove the buying upwards, as soon as it exhausts it goes right back to baseline because there is nothing "fundamental" driving the trend. The main driver of BTC trend is conversion from fiat into BTC increasing market cap over time. The speed of BCH's parabolic trend over 2 days could not be a product of fiat conversion into BCH, so it was just BTC momentum chasers who ran to BCH. Likely some major whales started the move, BTC chasers took over, now they are all exhausted and we return to baseline.
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