BTC Contingencies
Weighting Various Developments
Dear Readers,
I was planning to write one of those more macro big picture articles this week, which involved sketching future peak prices and looking at a layering out strategy in order to take some profits, and yet with recent price action in BTC I think subscribers are more interested in whether we do continue to see higher prices in the more immediate term or not. And so to a look at the chart and contingencies this week, where the sketching of peak prices can wait for another article.
The primary concern of recent price development is a possible break of the recent parabolic rise. I say possible for even though price is not necessitated to observe a technical line - that it could easily break it, reverse and continue upward - the technician of price has to consider the ‘weight’ given to the trend as shifting. The possibility of the recent trend not eventuating increases. Accordingly, it makes much sense to consider contingencies. And so to the chart.
Here we see the parabolic trend line clearly broken. This functions as a line in the sand so to speak, where once broken the possibility of a solid correction needs be further entertained. Also of consideration here is that this kind of correction can well occur while the greater upward trend remains intact… albeit less parabolic. That an immediate parabolic spike loses momentum and corrects may entail even better eventual parabolic prices at a later not too far removed date.
……
In order to read the full article and complete archive, make sure to subscribe~~