A Frightful Find - BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
A Frightful Find.

As you can see, BTC has hit parabolic highs. Right after hitting resistance at 11.5k we imminently corrected to the current low of 8815.
Many people are wondering if this correction is over, or if we are going down for a visit to the 100 moving average once again.
Truly I am uncertain.

However earlier today, someone posted a chart in the chat, which had manually drawn lines that took the shape of a cornucopia basket.
I then wondered if there was some sort of technical analysis that could closely represent this.
Shortly after I came up with the indicator above that takes the moving average and then multiplies/divides it by a set percentage, creating these channel bands. Which in this case is 75%.

It appears BTC has formed what I call a moving average channel.
While the band is widening, it appears that we have visited both the top and middle bands multiple times this year. Indicating that if this growth rate continues and history continues to repeat itself, BTC’s pumps and then dumps could get much more severe in the near future.

Therefore, judging strictly by this chart, this correction could be far from over.

DepthHouse – Moving Average Channel has been published for you all to see and try for yourselves.
Maybe this indicator has uses elsewhere? If you find something feel free to post it in the comments below!

Note: I am not short. I am merely posting this find for you all to see and analyze yourselves.

I wish you all the best of luck!

Be sure to check out my all my other indicators!
Nov 30
Comment: After analyzing it further. This is something to strongly consider.
It appears in the past that we have tested the top MA line twice before falling... So could that happen again?
Based on previous fib levels, after hitting the top resistance line for the first time, it has extended to at least the 1.272 fib level days after.
So will history repeat itself once again?
Dec 01
Trade active: Since last post, Target remains the 12.5k range. Check the fib target zone in the chart above.
Dec 02
Comment: Still appears to be bullish.
Looking for support on the 236 or 382 of this current swing
Dec 06
Trade closed: target reached: Target of $12500 hit
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Always up...
Amazing, unbelievable but also so believable. It was the best of times, it was the worst of times sort of picture
you analysis might be coming true? im waiting patiently =)
oh92 HockTan
@HockTan, earlier than expected, but time will tell.
Awesome analysis :)
@oh92 great TA, btc will surely hit 12.5k. tether just released 25 million USDT =)
Look at the ave volume steadily climbing up too....
I think that the higher highs and the lower lows are caused by the fact that new people come into crypto and they don't have in mind that the coin price is volatile. FOMO and panic, greed and fear is the only standard indicator in the crypto markets IMO.
HockTan DrStein
@DrStein, its the grandmas and grandpas buying.... the next correction or whatever it is going to be so bad...
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