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