BITCOIN is this pull back dangerous?
This strong pull back the moment Bitcoin broke the 9000 barrier has many worried. But should we be? In this analysis I point out which levels we need to watch, and if they hold, are able to sustain the aggressive uptrend that started in early February.
First we see that in the course of this Parabolic Rise, every time BTC pulled back from a peak, the Support line drawn at the base of the last consolidation candle held. So far this was enough to sustain the uptrend and make High after High inside the Parabola.
Currently this is set at roughly 7900. So if it breaks it will be the first time since February it happens. But even if that happens there is the 4H Higher Low trend line (dashed line) that can sustain the uptrend. This however along with the parabolic curved support, is the last line of defense before the pattern breaks down.
If none of that works the potential bearish pattern that can emerge is a descending Head and Shoulder formation which may target 6600 - 6300 before we see a new pattern emerging.
Trade carefully and apply strict risk management.
What do you think? Should we be worried about this pull back? All views are welcome in the comments section!
Related material:
First we see that in the course of this Parabolic Rise, every time BTC pulled back from a peak, the Support line drawn at the base of the last consolidation candle held. So far this was enough to sustain the uptrend and make High after High inside the Parabola.
Currently this is set at roughly 7900. So if it breaks it will be the first time since February it happens. But even if that happens there is the 4H Higher Low trend line (dashed line) that can sustain the uptrend. This however along with the parabolic curved support, is the last line of defense before the pattern breaks down.
If none of that works the potential bearish pattern that can emerge is a descending Head and Shoulder formation which may target 6600 - 6300 before we see a new pattern emerging.
Trade carefully and apply strict risk management.
What do you think? Should we be worried about this pull back? All views are welcome in the comments section!
Related material:
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