This could already be the correction akin to the 2012 rally
In another view, in case we drop further, to the weekly middle Bollinger band at around 5300, we probably will see the birth of a new triangle with a longer consolidation phase.
Of course, we could still see the parabola being finished like in this view:
But below 7000, I'd say that this view probably is done for. This could have happened with a shorter dip and fast rebound, but this dump could develop into something longer.
We have to wait and see how it will develop and how deep this dump will go.
Going to the weekly middle Bband would be akind to the second 2012 rally, that's exactly what happened then.
We'd get a few months of sideways consolidation, until a strong breakout to the upside.
Even though some people still like to draw their huge arrows pointing down to almost zero at every dump, this market is clearly bullish now.
One just needs to look at the huge volumes we had in this runup.
Also, daily transactions are quite high and it won't be long until they make new highs.
So, now BTC must decide if it does want to continue the parabola, or make the long sideways consolidation.
I'm fine with either way, hehe :)
Of course, we could still see the parabola being finished like in this view:
But below 7000, I'd say that this view probably is done for. This could have happened with a shorter dip and fast rebound, but this dump could develop into something longer.
We have to wait and see how it will develop and how deep this dump will go.
Going to the weekly middle Bband would be akind to the second 2012 rally, that's exactly what happened then.
We'd get a few months of sideways consolidation, until a strong breakout to the upside.
Even though some people still like to draw their huge arrows pointing down to almost zero at every dump, this market is clearly bullish now.
One just needs to look at the huge volumes we had in this runup.
Also, daily transactions are quite high and it won't be long until they make new highs.
So, now BTC must decide if it does want to continue the parabola, or make the long sideways consolidation.
I'm fine with either way, hehe :)
Comment:
This here definitely dead. BTC wants to continue pumping :)