Bitcoin: Dow's bottoming pattern and possible parabolic rise
As you all know Bitcoin dropped ~84% from 20k all the way down to 3k. In the past few months Bitcoin has been painting a bottoming pattern: the failure swing bottom from Dow's theory. I see that absolutely no one talks about this pattern, instead I just see people who talk about an ABC correction that will bring us to new lows, like 2k or even 1k, which in my opinion is not likely.
Also, I want you to notice a possible parabolic trend that is forming right now in Bitcoin . It is simply an acceleration of the upward trend, which doesn't happen since 2017's bull run. It is still at the beginning, so we need to keep an eye on the first two trendlines that formed.
And at last, but not the least, the BBSX index is growing steadily for almost 4 months, which points out a change in sentiment from bearish to bullish and the exhaustion of bears.
Also, I want you to notice a possible parabolic trend that is forming right now in Bitcoin . It is simply an acceleration of the upward trend, which doesn't happen since 2017's bull run. It is still at the beginning, so we need to keep an eye on the first two trendlines that formed.
And at last, but not the least, the BBSX index is growing steadily for almost 4 months, which points out a change in sentiment from bearish to bullish and the exhaustion of bears.