BTC still on track to set a record if can close > daily 20 MA
For those without 4k monitors: use this link:
In the past BTC only retraced 67-87% after breaking the lower parabolic ascent (green parabola) after a massive 50-80% runup in a week followed by another runup of similar magnitude. This caused the correction to start near the green parabola, not the red one so I am still bullish we have not seen the end of this bubble run yet. I'm watching the market structure closely to see when this occurs. But this is BTC and anything can happen, especially with the media and things like BCH smear campaigns.
REMINDER of the last two PBRs... in 2013: look at the market structure - how fast BTC rose versus time in it's valleys to peaks:
In the past BTC only retraced 67-87% after breaking the lower parabolic ascent (green parabola) after a massive 50-80% runup in a week followed by another runup of similar magnitude. This caused the correction to start near the green parabola, not the red one so I am still bullish we have not seen the end of this bubble run yet. I'm watching the market structure closely to see when this occurs. But this is BTC and anything can happen, especially with the media and things like BCH smear campaigns.
REMINDER of the last two PBRs... in 2013: look at the market structure - how fast BTC rose versus time in it's valleys to peaks:
and if I look at Coinbase/GDAX, there is also still a bit of room still on lower support parabola: (I still prefer bitstamp for charting as it holds trendlines and TA better)