It's been a pretty crazy last couple of days. Obviously my evening star prediction on Sunday didn't take hold as the bulls just don't give up. Seeing as the volume for the green candles has been decreasing, it appears as if they are getting tired. In the chart above, I drew a parabola that began during massive accumulation occurring at the end of December '18 and is still ongoing. We are in an upward channel that began in the beginning of May or so, and I caution buying at this level because each time that the price went above the channel the last few days, it was sold back into it at some point. That just makes it stronger.
In addition, the parabola does coincide quite nicely with the trend line of the channel. I do expect a small correction here, but since the parabola is getting more intense, we may not see it go below 10k at this point. For those buying on the dips, please exercise caution with very tight stop losses as when this parabola does break, the selling will be one for the record books.
Given that bullish volume is decreasing and 13 of the last 14 days have been green, I am expecting a fairly decent correction to happen soon. Assets never go up forever, and what is the point of continuing to buy something if you aren't selling it at some point. I can't buy coffee with Bitcoin just yet and until that happens these selloffs are the only way people make any money. Good luck out there.
In addition, the parabola does coincide quite nicely with the trend line of the channel. I do expect a small correction here, but since the parabola is getting more intense, we may not see it go below 10k at this point. For those buying on the dips, please exercise caution with very tight stop losses as when this parabola does break, the selling will be one for the record books.
Given that bullish volume is decreasing and 13 of the last 14 days have been green, I am expecting a fairly decent correction to happen soon. Assets never go up forever, and what is the point of continuing to buy something if you aren't selling it at some point. I can't buy coffee with Bitcoin just yet and until that happens these selloffs are the only way people make any money. Good luck out there.
