Since my last post on Bitcoin, BTCUSD spiked up another 30% in its usual parabolic fashion within 9 wonderful days to hit a historical high of 42,000.
Fractal analysis from weeks to hours point to an overdue exhaustion, followed by an expected retracement. Clearly we have seen such spikes and know what near to mid term outcomes follow...
Technically, a daily close below 39,000 would be clear signal for a retracement in place. This should be more evident in the (four?) hourly chart for a series of Lower Highs and Lower Lows. I took to hazard a map route of the expected development in the coming weeks (ABCDE trajectory).
Correlating the net long short positions in BTCUSD in Bitfinex, it supports with a further steepening drop in long positions, and a recent increase in short positions.
When this retracement folds out, the first major consolidation level appears to be about 24,000, with possible spike downs to 21,500... finding it there about February.
I have no doubt about Cryptocurrencies and Blockchain Technology... as well as the extremely wide volatility. Just that, now a pattern is repeating itself, necessary for a giant leap ahead for mankind.
Fractal analysis from weeks to hours point to an overdue exhaustion, followed by an expected retracement. Clearly we have seen such spikes and know what near to mid term outcomes follow...
Technically, a daily close below 39,000 would be clear signal for a retracement in place. This should be more evident in the (four?) hourly chart for a series of Lower Highs and Lower Lows. I took to hazard a map route of the expected development in the coming weeks (ABCDE trajectory).
Correlating the net long short positions in BTCUSD in Bitfinex, it supports with a further steepening drop in long positions, and a recent increase in short positions.
When this retracement folds out, the first major consolidation level appears to be about 24,000, with possible spike downs to 21,500... finding it there about February.
I have no doubt about Cryptocurrencies and Blockchain Technology... as well as the extremely wide volatility. Just that, now a pattern is repeating itself, necessary for a giant leap ahead for mankind.
