ParabolicInvestor

BTCUSD Parabolic Uptrend

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Everyone is in a panic over the BCH manipulation, but the BTC uptrend is entirely intact. In fact, the next weekly candle should likely be a full retrace of the one we're about to close here. You cannot use linear lines to judge parabolic zones: they must be curved.
Comment: Looks to be holding parabolic channel perfectly. Retracing last week's candle.
Comment: Given the pace so far, and the fact BCH is about to enter a washout phase as the last 2800 dream chasers get whipsawed around 1400, this likely rapidly retracing the previous weekly candle. This could close 7700-8000 by EOW. The BCH fiasco caused a HUGE exodus of volume from BTC and put it down to rather unrealistic levels. This sets the stage for very thin asks all the way up, even if buyers are still timid.
Comment: I'd say the bottom is completely confirmed in BTC and this chart continues to point that way for BTCUSD.
Comment: Literally going vertical now. Wow.