Following on from my previous idea. I do still believe that Bitcoin is on a parabolic trajectory however, on the hourly chart we are seeing a channel being formed which may present some excellent short-term trading moves. If this channel breaks, I will be looking to short till the resistance of the parabolic trend at which point a reversal upwards would be expected to continue the trend. With Funding being at a high suggests a short term push down is expected but prepare for a quick reversal and many liquidations in the process!
If the channel doesn’t break, I will foresee some sideways movement until the end of Friday. Still presenting opportunities to long and short along the way. At this time, the parabolic trend line comes into play, meaning that we have to break upwards to continue my expected forecast. If this doesn’t occur I will assume a $7850 target.