First and foremost allow me to wish everyone here in the TradingView community a Happy New Year and a prosperous 2024!
What a better way to start the year than Bitcoin (BTCUSD) breaking above 45000 mark, a level it last visited on April 06 2022. Every Cycle can be seen trading within a Megaphone pattern with the parabolic rally illustrated by the dotted curves. Note that every time the price breaks above the 1W MA50 (blue trend-line), it holds it as Support (exception of course was the COVID crash). The 1W MA50 is now 30000, which means that technically any pull-back/ correction that takes place until the peak of this Cycle, shouldn't break below this level and practically dip buyers have a benchmark to work with.
But what do you think? Are we about to witness an even more aggressive part of this new rally? Feel free to let us know in the comments section below!
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The trading pattern of Bitcoin in every cycle is characterized by trading within a Megaphone pattern, with its parabolic rallies marked by dotted curves.
CBKWahoo
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Happy New Year @TradingShot BTC closely approaching phase 3 bull start of its parabola run within couple months time!
ReallyMe
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Nothing to write home about! Bitcoin rears up once again, only to plunge into the abyss shortly afterwards...
SwallowPremium
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It seems parabolic indeed. Thanks for your TA; it looks clean!!
Real_CryptoRoy
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I would like to see BTC at 30k, last chance to jump in to the train
Setupsfx_
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Great, have the same view 48k is the next target.
MyCryptoParadise_Nathan
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BTCUSD trading within a Megaphone pattern, indicating a possible parabolic rally.
arvine11
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fake pump 😏
D_S007
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Happy New Year. And thank you for a great new year start with your superb charts and analysis.