BITCOIN We Goin' Parabolic? Or More Gradual? How You Will Know!
Hey there, what a day yesterday for crypto! However, nothing has really changed yet. Price going up, going down, dancing around but still far above both the 21d EMA and the 21w EMA. I'm looking at the parabola that Bitcoin is currently wanting to climb, with the 21d EMA providing support thus far (like in 2013) so the only way we will know what path Bitcoin wants to take is to watch and wait and see if price gets bought at the 21d EMA or if it fails.
If we get a daily close below the 21d EMA, then I wouldn't be surprised to see a quick fall down to the 21w EMA. That to me would indicate that this current parabolic trend was broken, and most likely we would be following more of a 2017 trend of gradual (relatively speaking, I know, it would still be massive growth) but more gradual than a blow off parabola that if manifests will boggle our minds over the next couple of months.
Let's see what happens. Either way I believe we will see a bull run here, I don't think there is enough weakness in the market for a truly bearish option. However, price action below the 21w EMA would indicate to me that we would experience significant weakness which would probably be caused by some bad news in the crypto community. That could send our price back into the 3's or below, but as long as we hold the 21w EMA then I see us being in a bull market.
Thanks, and wishing you all the best!
If we get a daily close below the 21d EMA, then I wouldn't be surprised to see a quick fall down to the 21w EMA. That to me would indicate that this current parabolic trend was broken, and most likely we would be following more of a 2017 trend of gradual (relatively speaking, I know, it would still be massive growth) but more gradual than a blow off parabola that if manifests will boggle our minds over the next couple of months.
Let's see what happens. Either way I believe we will see a bull run here, I don't think there is enough weakness in the market for a truly bearish option. However, price action below the 21w EMA would indicate to me that we would experience significant weakness which would probably be caused by some bad news in the crypto community. That could send our price back into the 3's or below, but as long as we hold the 21w EMA then I see us being in a bull market.
Thanks, and wishing you all the best!
Comment:
Update: I didn't update this but I wanted to say that when Bitcoin closed a few daily candles back above the 21d EMA I felt like we may be back in this parabolic move more similar to 2013. Looks like we want to climb back to 20k.
Comment:
I haven't been publishing anything on here but when we crashed through the daily 21EMA and the 377EMA on the 4HR chart I became convinced that we are not going to continue the upward parabolic trajectory that we were on. I think we will see more gradual (relatively speaking) growth. A move down to the 55EMA on the 3DAY chart seems likely if history is any guide.
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