Will Bitcoin Resume its Parabolic Uptrend Soon? (Break Out Zone)

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin has finally given a few days of consolidation after it's parabolic break out.

This has given several days for alts to make their room and get some resets on oversold indicators.

Don't start going into 'hodl' mode yet though as bitcoin continues to creep towards the apex of what appears to be an ascending triangle .

The pull back zone appears to be the blue line on my chart that was the prior trend channel resistance.

Invalidation of the trade will be if we break below the blue level.

There is still some bearish risk as there is a gap on the futures chart around $7200 that hasn't been filled and the last one we saw filled within a week.
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When literally everyone is watching for the same thing, psychology would tell you to run the opposite way.
But hey, I’m sure whales are more than okay with EVERYONE making $2k/BTC on one of the easiest patterns in Crypto to trade. lol.
Oh yes, yes indeed. Identified this a while ago!

I have got a very clear opinion about it: No, it will not resume its Upward Movement.
Not really soon, I'm afraid.
+3 Reply
focus on the green
+1 Reply
tks for sharing
this is my chart
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Definately be watching that support line. Also found where that resistance is coming from
Hey Jacob if you look closely on week scale it actually is in "expodential move mode", that last wave in your ascending triangle could be the last of that 6.9/8.3k$ consolidation.
let's see how it moves !
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