Perhaps the last time you thought about Bitcoin was when price crashed from $ 1,200 to $ 200 in 2014.
However, bulls roared back, sesnding the price of Bitcoins (in US Dollars) ABOVE the $ 1,200 level near all-time highs.
Amazing, isn’t it?
Let’s take a look at the current Parabolic Arc Pattern that’s developed and what it may mean for the future:
We see part of the 2014 collapse in price and the Rounded Reversal that set the stage for a two-year bullish uptrend.
While cryptocurrency may have developed a bad image into 2015, we saw a silent resurgence turn into a loud roar of approval via higher prices throughout 2016 into 2017.
The uptrend took the form of a stable “realization” uptrend that progressed into our current Rising Trendline.
In fact, the pattern is that of a Parabolic Arc with price heading toward a vertical trendline.
Price has been volatile so far in 2017, collapsing from $ 1,300 toward $ 900 in a single week… but then right back to $ 1,300 over the next month.
If you’re trading or in any way interested in Bitcoin, pay attention to the new volatility and the rising arc turning parabolic.
Price tends to move to euphoria and danger can occur quickly (falling prices) when price breaks through a vertical trendline.
With Bitcoin back positively in the news, take a moment to study the pattern and the “price behind the headlines.”
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Corey Rosenbloom, CMT
Afraid to Trade.com
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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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