BITCOIN:BTCUSD Gone Parabolic Bitcoin throws some beautiful moves on the chart and will go down in the history books and Charting Books of the future as a text-book example of what a scrap of (electonic) paper can do if the story behind it is written well enough. Right now this is the best of the best, making Facebook and Google and Tesla look lame. How long can this keep going on before it boils over? One thing for sure, parabolas are very rare in real time (they are everywhere on the monthly charts...put the Dow DOWI on monthly chart and see all history and a parabola emerges - not so perfect as Bitcoin, but basically parabolic in shape on linear chart) . But Bitcoin is something else - so rare and beautiful to see one unfold. There is no sense in fighting a parabola. Every bear lies slaughtered for miles around as evidence. This bull will rip you a new one before you even have a chance to take your pants down. Nevertheless we can see from the chart on right that the current surge from 6165 up to 7500 high precisely has been very lightly contested/fought over - there has been some push and pull, shown on the left hand chart, throughout this recent ascent, with some nice positive pin bars each time the rising support line that's underpinning the ascent is touched - but returning to right hand chart it's clear that usually moves such as these have to be backed and filled first before the rally resumes in earnest, and in doing so it should give those still wishing to get long of this monster one last fleeting chance to do so...
At the moment it's found support just above the supports shown on left hand chart and trying to fly higher - it needs to take out 7500 now to stay positive... if we see it falter and fail just above or just below 7500 then we have the first sign that a turn might be approaching fast...next sign would be a breaking below 7061 and a fall below the rising support line shown on left hand chart. Only at that point will the near term picture start to turn negative for Bitcoin. It should then fall back to the old highs around 6165 - to the rising support line shown on right hand chart at around this level - that would be the perfect entry point for those wishing to ride this tiger...time will tell.
Everything under 10k is going to seem cheap. This is not a stock. The money is comming on a Global scale. There are a million people waiting still to get in on consolidation but it will never happen. It may retrace a little but only to build support. We are going straight to 10-15k.
sumastardon
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@CaesarChicago, Hey Caesar, wasn't aware I called it a stock - if so by accident. What you describe is exactly what's making the shape of the parabola....people so eager to buy the dips they daren't even wait for a touch on a trend line now...which bends the shape of the chart ever upwards. We may not get any more consolidation here before it rips higher again, granted. But if it breaks below the rising trend line on the 120 minute chart I believe it will fall away further then, back towards the old highs, but quite likely not even coming back to touch them, because as you correctly point out, people are going nuts for this 'instrument'. On the upside its impossible to say where the top will be, only that we look to be some way off it yet - but at some point it will blow up. Human nature to take everything to its limits and beyond, to push until it blows -- like the railways 150 years ago and radio 100 years ago and internet v1 20 years ago. We can't help ourselves, being human. And Human nature never changes - the only thing that remains constant in a world of change - which is why chart patterns are also constant - they reflect unchanging human nature, in greed mode and in fear mode. You already know that shit. Man will push this monster until it blows. That could be at 8550-9000, at 10 or 15 which is my best guess (double this high at 7500 which may or may not turn out to be significant, and triple the significant high at 5). But it's anyone's guess...suffice it say: stay long until you see it on the FRONT page of your daily newspaper hitting whatever amazing price it mentions. That wil be the first sign that a massive top is not far away. Until then we ride the tiger. Good luck !
CaesarChicago
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@sumastardon, Totally agree with you. I was not directing the stock comment at you. Just speaking to the people. Sorry if it came off that way.