Well, in a heavily manipulated market, one never knows. But I don’t think we’re there yet.
This is update #9 to my original May 5 post. See my previous post for the big picture. This is a tight 1-hour zoom in.
At the risk of being stoned to death (I’m an observer, not a prophet), I offer this plausible scenario:
I expect Bitcoin to bounce around the (downward sloping) upper parabola (shown in blue) for another day or two. Taking dips — but showing *remarkable* bullish resolve to regain the 40k-41K plateau and possibly muscle a power spike to 42k. (A Bull Trap within a Bull Trap.)
One of theses dips (perhaps the current one) should be to the obvious Fib retrace $37,700 - $37,800.
But from a later dip, Bitcoin will not recover.
Indicators:
1. Death Cross: Manipulators are always looking for intrinsic, “natural” indicators to conceal their manipulations. The much publicized Death Star, while having a ho-hum history with Bitcoin, will this time, I predict, be anything but ho-hum. Its June 20-24 timing is just too good for the Bear-manipulators to pass up.
2. Lower volume: Binance, with over 30% of Bitcoin’s volume, is by far the largest Bitcoin market. I have over a dozen alerts on this volume: 40G, 39G, 38G, 37G, ... These have proven quite predictive during previous “quiet before the storm” periods. Note however: As the fall begins to seriously accelerate, this volume will quickly go up.
3. Watch for a slow, accelerating arc downward, heading towards a recent previous low. As the price bounces, all are thinking, “Oh, OK, it’s made a double bottom here. A true Bull sign!” But shortly thereafter .... the Bear takes a dump!
As they say, Bear happens!
_______________________________ Warning! Conspiracy theory ahead: Allow me to close with a theory I first posted last month:
Regardless of what you believe about the Bible, it does prophesy the end times characterized by: - a one world government, and - a cashless society.
It’s hard to imagine a global (borderless) government that uses something other than cryptocurrency for their global currency.
This line of reasoning suggests that blockchain cryptocurrencies will be the technical foundation of the Bible-prophesied cashless society and that, beyond simple greed, the current manipulation of Bitcoin could be motivated by globalist ideologies, goals and plans. We’re talking *big* players here. Very wealthy and determined globalist players.
Be careful out there. The world is is not getting better and better.
Sincerely, Bullbearish (I’m a Bull. But Bear happens.)
PS: Nothing I post should be construed as trading or financial advice.
Remarkable how BTC got rejected on the upper parabola two times (two drops) since your update! Nice theory and technicals indeed.
Bullbearish
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@LeRrrrroi It is interesting, but why do we not see parabolas and radial lines in other charts? BTC’s 12-year: Yes. BTC’s current ATH: Yes. Other’s: ???
Are these patterns in Bitcoin’s current ATH the artifacts of computer-driven manipulation? Are they simply coincidences that my visually-oriented brain has gone looney over?
Even if all comes to pass as I’ve drawn, I will still have these questions.
LeRrrrroi
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@Bullbearish, what I keep wondering... what if the bullwave from March '20 did not finish yet, but instead got interupted by MT.Cox like events (China ban, Musk tweets, Energy fud, Grayscale bitcoin unocking and sell-off on spot markets, US stockmarket all together causing an intermediate retracement to regular FIB levels) and still needs to touch the upper BLX parabola with a high peak to complete the bullwave. Thus, Instead of accepting the recent alltime high as an abnormal curve top and retracement to lower BLX parabola. Most likely, we will see another 24-28K drop, but that could already provide sufficient liquidity needed to recover from those MT Cox like events, bounce back up and continue the March'20 bullwave to a new peak in November/December.
OfficialSkoL
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What's the actual target you expect, Sir? You brought up a fear of trying to catch this at a low but it keeps going. I'm worried that it will go all the way to the base of the parabola at 8k.
mahmoudghorab
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What's the next update?
Umarzia
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very informative post. thanks
andy9813
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Very accurate price prediction with these parabolas. Do you have any information on how to draw these with precision? I'd like to see the result with other altcoins.
Bullbearish
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I believe it must go to the lower parabola before higher highs are possible. The question is how long will this take? And if this is a heavily manipulated market, the answer is up to the manipulators.
I believe you saw my previous post where I added a second path downward. One path would be a historically hard crash; the other a much longer-term downward curve as we’ve seen after previous ATHs.
There’s also legitimate debate on how, exactly, to draw the lower parabola. And the upper one too.
I wish I knew the answers.
OfficialSkoL
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@Bullbearish thanks for responding. I'm following the posts. These posts have been very accurate. I know the bullish trendline and parabola seemed to stop the drop at 30k, but this time there truly is nothing in the way as far as structural lines until the bottom of the parabola. I can't think of anything standing in the way besides some fib supports, but the last drop blew through those. Racking the brain a bit on where to try to catch this dip for a nice bounce. I'm leaning 18k.