Bitcoin has arrived at the upper parabola. If I'm correct, the predicted and (dare I say) manipulated Bull Trap is here.
This is update #8 to my original May 5 post. Note, however, that the Bull Trap was first called on the June 6 update. I'm not bragging, I'm warning: If the near-vertical radial line "e" is saying what I think it's saying, we're at the edge of a very high and steep cliff.
Changes made since my last post:
1. I added 200- and 50-day moving averages (in orange) and circled the likely Death Cross location. And I note: The 40k right corner of my chart is getting crowded with ominous indicators.
2. I added a less extreme, more likely (?) path to the lower BLX parabola line at the bottom. Yes, that bottom line looks straight, but that’s because we’re looking at a very small segment of a 12-year-long parabola.
Below is my previous post verbatim - except for an updated zoom-in picture.
____________________________________________________ "Looney TA from a Looney Bear!"
Well, these parabolas and radial lines are certainly unconventional and unorthodox TA — but they continue to amaze me with unexpected alignments and intersections.
And my predicted double bottom at 30K happened at 31K instead. But hey, that shows we're in a strong Bull market, right?
This is update #7 to my original May 5 post. Notable tweaks:
1. I moved my Bull-Trap target range down $1,000 to 40K-41K.
2. I added a label showing the May 19 crash was 53.7% from the ATH .
3. I added a label showing where the largest short-term crash in history (82.6%) would take us.
Here's a 1-hr zoom into the critical part of my chart.
Note 1: If the near-vertical radial line "e" is saying what I think it's saying, we're near the edge of a very high and steep cliff. Be careful. Be more than careful!
Note 2: I'm still calling for a bottom around June 28, ±10 days. BUT: I still believe this is a market heavily manipulated by well-funded Bears and their API-connected PCs . They will try to make their manipulation look natural, but ...
___________________________ Background: Parabolas are a specific type of mathematical curve. Parabolas are a "natural" function that appear in many systems and processes -- even (surprisingly) in many that appear to be random and chaotic.
___________________________ Bitcoin’s May 19 fall to 30k was a 53% correction. With this in mind, I again offer the community my (not fully vetted) Law of Maximal Retrace:
Bullbearish’s Law of Maximal Retrace: If Bitcoin experiences a correction (a retrace) of 50% or more, it *must* touch the lower 12-year BLX parabola before reaching the next higher high. The Mt Gox fiasco of 2011 (an extrinsic/abnormal event) caused the only known exception to this law.
If you know of any other exception(s), please message me.
My BLX post on this:
Sincerely,
Bullbearish (I'm a Bull. But Bear happens!)
PS: Nothing I post should be construed as trading or financial advice.
I hate all these other posters commenting the idea that btc will go to 100k without dropping to 20k first. This post is 100% true
NR91
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what is your opinion on the rumored short squeeze that might drive up the price to the range of 48k before coming back down?
LeRrrrroi
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OMG how price is now dipping down exactly following the upper parabola.... almost scary! Haha
Bullbearish
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April 10-12, 2013
andy9813
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3. I added a label showing where the largest short-term crash in history (82.6%) would take us.
When was this exactly? Do you still believe it will reach a low of $7700 to $8700?
Umarzia
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what if this ship is way bigger than you, me or everyone else is thinking, and you have to wider the both edges? but other things remain same.
Bullbearish
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@Umarzia, Good question. Parabolas are a specific type of mathematical curve. Parabolas are a "natural" function that appear in many systems and processes -- even (surprisingly) in many that appear to be random and chaotic. If you were to widen "both edges" as you suggest, the resulting curves would no longer be parabolas. They'd just be some squishy curves made to fit what ever you want them to fit.
amirkhadereza
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fuk
IanCryptoG
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theres to much money in shorts open the big players are going to take that money from everyone shorting first that why the price is going up
NR91
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@IanCryptoG, You got that right. All my stop losses were hit.