In terms of the sentiment and character of the price action, it feels to me as if the current Bitcoin advance is at that point marked with red arrows from the two previous parabolic advances. The current parabola could correct back toward $30,000 without any damage to the market. The bull trend in 2015-2017 experienced nine corrections greater than 30%. The current market has reached just short of a single 30% correction. I am NOT predicting a 30-40% correction, just pointing out that we should expect sharp corrections as some point. The fact that this trend has not yet corrected more than 30% since the Mar 2020 low is an indication of extreme underlying support and internal market strength.
Thanks for sharing this chart. We've featured it in Editors' Picks. We look forward to following along.
dreuf79
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@TradingView, how do you draw those parabolas on Trading view ("Curve" i assume ?) and is it possible to copy them and then modify the angle to make them flatter as in Peter's chart or does one have to redraw each one separately ?
Thanks
staycozymyfriend
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@dreuf79, yes, i have this same question! how do you draw parabolas like that? would be super helpful
ZpaceBuddha
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@dreuf79, Geometric shapes button in tool box, select CURVE.
ProjectSyndicate
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well done, this is great. here's my updated outlook.
BTCUSD: 240 000 USD / 440 000 USD PT BULLS (NEW)
sexology
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You forget this is not TA anymore. its combination of FOMO and Musk and others pushing it. No calculation logic would work in here
DrM200x
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@sexology, I am sure if he is capable of producing such chart he hasn't forgotten anything rather taken into account.
nclscstrs
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@sexology, TA is not FOMO or any emotion whatsoever. It's just TA.
BelowZero
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@sexology, We now just have to account for the "Elumps" (Elon Musk pumps) as well, as they seem to keep coming...