Hi guys!
If you read my previous analysis, you know that I preticted that we gonna have a fakeout to 9K than immediately pull back.
I do not think it is gonna be a very short-living pullback, I think the 8K will not act as a support. It would be a way too small pullback compared to our parabolic run. The 21 EMA (blue line) should also not hold.
What I will be looking at is the 50 MA (purple line) and the 100 MA (green line). If we look at the price of bitcoin in the last parabolic run in 2017 you can see that when we had a move up we pulled back to the 50 or the 100 MA. We can also see that at the start of the parabolic run we pulled back to the 100 MA and than as we got higher and higher the 50 MA was the one that acted as a support.
Since we are only at the start of a bull run, I would say that it is more probable that we will see a pullback to the 100 MA. At the time we get there it will be around the 6.4K region what I also mentioned in my previous analysis.
***It is not a financial advice! It is only my opinion and you should always do your own research!***
If you liked the analysis please leave a like, and if you have any questions feel free to leave a comment.
If you read my previous analysis, you know that I preticted that we gonna have a fakeout to 9K than immediately pull back.
I do not think it is gonna be a very short-living pullback, I think the 8K will not act as a support. It would be a way too small pullback compared to our parabolic run. The 21 EMA (blue line) should also not hold.
What I will be looking at is the 50 MA (purple line) and the 100 MA (green line). If we look at the price of bitcoin in the last parabolic run in 2017 you can see that when we had a move up we pulled back to the 50 or the 100 MA. We can also see that at the start of the parabolic run we pulled back to the 100 MA and than as we got higher and higher the 50 MA was the one that acted as a support.
Since we are only at the start of a bull run, I would say that it is more probable that we will see a pullback to the 100 MA. At the time we get there it will be around the 6.4K region what I also mentioned in my previous analysis.
***It is not a financial advice! It is only my opinion and you should always do your own research!***
If you liked the analysis please leave a like, and if you have any questions feel free to leave a comment.