Bitcoin blasts through all major resistance points and I now see a much higher probability that the low has been set. Amazing stuff, you cannot predict this thing and I love it!
Just thought I'd share this idea of the current price compared to the major move which signaled the end of the bear Market in 2015. You can see that currently we have made a similar move in size and form. All parabolic moves have to cool down at some point, and the large sell volume is telling me that we could have temporarily topped.
I don't necessarily think we will have such a sharp drop as a 42% correction for two reasons. One being the massive resistance at 6k which we stormed through and this could become our base of support now. And the Moving Averages have risen to a higher level on a percentage basis to that which we saw in 2015. During that correction in 2015, we managed to keep above the 50 day so It's possible we repeat history.
But if we do see a 42% correction, as long as we stay above 4k I remain bullish. I would be looking to accumulate between 4k and 6k should be enter that zone. If 4k doesn't hold, then I will be looking to see lower lows from Bitcoin. This outcome is less likely after such a strong move breaking those significant resistance points.
I hope this idea was helpful and I wish you all the best of luck!
Just thought I'd share this idea of the current price compared to the major move which signaled the end of the bear Market in 2015. You can see that currently we have made a similar move in size and form. All parabolic moves have to cool down at some point, and the large sell volume is telling me that we could have temporarily topped.
I don't necessarily think we will have such a sharp drop as a 42% correction for two reasons. One being the massive resistance at 6k which we stormed through and this could become our base of support now. And the Moving Averages have risen to a higher level on a percentage basis to that which we saw in 2015. During that correction in 2015, we managed to keep above the 50 day so It's possible we repeat history.
But if we do see a 42% correction, as long as we stay above 4k I remain bullish. I would be looking to accumulate between 4k and 6k should be enter that zone. If 4k doesn't hold, then I will be looking to see lower lows from Bitcoin. This outcome is less likely after such a strong move breaking those significant resistance points.
I hope this idea was helpful and I wish you all the best of luck!