I always try to make the chart as self-explanatory as possible, but here is a more in-depth written explanation if you want to understand the narrative better.
Here is the order of touchpoints on this parabola that with every step gave us slightly more evidence about the incoming increase in price:
- The first of the touchpoints on this parabola were from the 5th of September. We see that the price has hit a temporary low near the $10,000 mark after a big hit in the price coming from $12,000
- The second touchpoint happened on October 8th. We can already see here that every time the price dips the bottom is a bit higher than it used to be. For the first time, you can start to see a .
- From the 19th of October it becomes more evident that the price is rising, the touchpoint here was enough to let the price jump into the air. BTC is officially taking off, in just two days the price increased by 10%!
- Early November we see multiple interesting touchpoints. The price is still but struggling. It reached around $14,000 three times in a row and it got rejected on every attempt. Then, when it hit the parabola the price jumped up again!
- And finally, the last recorded touchpoint. My previous idea was published around this level and we saw that this parabola holds future value as well as historic value. It beautifully responded to the parabola support, and helped us to predict another rise in price. becomes way more interesting if it can predict causal relationships!
- If the parabola holds we can expect the price to struggle around the $18,500 level for another 4 to 5 days. Then if it touches the parabola and it holds, we can expect the next jump in price. Will that be the jump to propel BTC above the previous resistance?
By end November this parabola predicts a price of over $20,000 for BTC! Bringing it close to the resistance of the all-time-high. The resistance itself has many ways to trade it. To decide on the exact level of the resistance I looked at the all time high. The highest level that BTC /USD ever traded on on was around $19660. We obviously expect resistance around this level.
Horizontal of the ATH
Be mindful of the consequences of this level beyond . If the all-time high breaks, we can expect a lot of external consequences as well. For instance, more news articles will be published about the breaking of the previous all time high.
Subsequently, we can expect more attention drawn to bitcoin , increasing the demand while keeping the supply stable. This creates a second influx of demand that can be great for the price. Expect that if BTC breaks above $20,000 we will see an immediate secondary response of another easy +10% gain.
The parabola support has been very interesting recently. Perhaps we need to start considering adding an alert for it on 100eyes too. Now that you understand all the possible consequences in depth it's time to start placing your orders. Best of luck in your trading!
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The reason for this answer is that we are not near the parabola yet, and in my newest idea I explained how much time we still have before we touch the parabola and show you a zoomed-in version of this chart.
Please go check it out!
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am also expecting the year to close surpassing the previous ATH of $20,000 with a possible touch of $22,000 - $25,000
however i'm more of long term guy, my expectations are set for September 2021,
With the solid fundamentals backing up BTC in this current bull market,
i strongly believe the bull market will last for up to a year
when we remove the daily noise and focus more on the long term potentials,
$20,000 may just be the start of the rally.
Paypals plan to roll out bitcoin purchase to all its users in first quarter 2021 will be a massive boost to the crypto community aside the fact that paypal is currently buying back 70% of all newly mined coins.
like you mentioned after bitcoin hits $20,000 the news media, bloggers, youtubers, radio stations, will go on an outburst with the usual hype as with every major market hitting an ATH.
This in line with the solid fundamentals will catapult a massive FOMO on bitcoin.
Mind you the current movement of bitcoin isnt even propelled by the retail investors but more of the Institutional investors.
That been said when the news media wakes more new people with fresh money will hear about bitcoin and with so many new easy ways to purchase unlike 2017 this will cause a ripple effect in price as supply remains capped and limited while demand will quintuple.
In all honesty while we may think it may take long $30,000 - $100,000 may not even be far fetched.
... is :) :) :) Very positive