Be careful of bitcoin as its reaching a point where it is most likely going to break outside its parabolic envelope to the downside entering a longer term downtrend of several months.
Comment:
When I initially charted this out, I forgot to switch to a log chart, as @cryptonetti pointed out below. In a log chart, the target range for hitting the upper curve of the parabolic envelope would be higher. Perhaps a $10,000 target, rather than the $8500 the non-log chart showed, which is obviously a large difference. Thanks to Cryptonetti for pointing that out and setting me straight ;)
Comment:
Left Side:
"So far we've maintained the parabolic envelope retesting within its parameters since $1000. However, we are now at a point that will push us outside the envelope to retest the last ATH.
When this happens and we go outside the curve, the historical trend in bitcoin is a prolonged bear market with a 50-60% retracement."
Right Side:
"retest is outside parabolic curve
likely leading to large retracement
likely breaking $5k support and going
sideways for several months"
Top Comment:
"potential upside max
$500"