BTC Parabola Broken!

We have been in a parabolic uptrend. The price went up a few hundred percent and we got parabola break. That's a significant signal that a major correction is on the way. Reversal candles at the top on the weekly are telling to be intermediate-term bearish.

We've got a lot of downside from the current levels at least to 8.5-7.5k, where we have a bunch of support.

According to Fib levels from the bottom to the recent top, 7250 would be a 61.8% retrace of this parabolic move up, which still would be bullish. 8500 is a strong horizontal level. EMA21 & MA30, which were pretty relevant and acted as support/resistance, are coming there.

As of right now, 8.5-7.5k area seems to be a good buy zone, but it depends on how BTC gets there. It might not even get there and reverse before, but we are expecting to see lower prices.

After a major run up like we just had, it's reasonable to expect one of two things to occur: the following correction is going to be either significantly deeper or last for much longer than people expect.



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The information given is never financial advice. Always do your own research.