Bitcoin Price Analysis: A Potential Correction Could Be Coming

The market moves to more aggressive highs, as Bitcoin crossed the entire length of the parabolic bull market. In a very rare case, Bitcoin was able to break the upper parabolic curve and squeeze a new record of $ 11,000:

Although Bitcoin broke the parabolic trend in shorter time scales, the above graph shows that bitcoin is still controlled by the parabolic-ejection resistance in a parabolic trend. Something very important to celebrate a parabolic escape is the amount of volume in movement: it was the highest volume that was observed at the top of the trend in the last two years, continues in increase.

Looking more closely at the daylight candles near the edge of the upper parabolic curve, we see a candle with the reversal of the textbook, called "Doji Reversal" (often called "Doji"). This is the place where the volume is high, but the movement of the general price is weak. As a result, the offer is approximately equal to the demand and is a potential differential for the market. Although the current daylight candle is still forming, it shows an increase in supply (downward price movement), and the volume continues to grow as the day progresses.

And then the story continues in weekly candles. Sitting at the top of our 2.5 year bull market, a folding sail is created. Therefore, the higher time scales indicate a balance between supply and demand and allow the market to reverse. It should be noted that the current weekly candle still has a few days and is being trained. For those who play in macro markets, look at this candle, as it will give an idea of ​​the likely market direction in the coming weeks / months.

At the macro level, the support is based on the linear and parabolic curves shown in Figure 1, and should mitigate any possible downward movement in the coming days and weeks. As with any market adjustment or trend unfolding, wait until the candle closes before acting, and wait for the unexpected.

Short description:

Bitkoyn managed to set a new historical record in the first $ 11,000.
During this article, a parabolic wrap offers great resistance, since the market tries to find reliable support.
Macroeconomic calendars begin to show signs of dominance in the market. If the market continues to decline, support can be found in the parabolic and linear trend lines described in Figure 1.

Trading and investing in digital assets, such as bitcoin and ether, are highly speculative and carry many risks. This analysis is for informational purposes and should not be considered an investment advice. The statements and financial information on the Bitcoin Magazine and BTC Media sites do not necessarily reflect the views of BTC Media and should not be construed as an endorsement or recommendation for purchase, sale or retention. The above indicators do not necessarily indicate future results.