Bitcoin Price Analysis: Violated Parabola Could Have BTC Testing $6,700s
Summary:
- Bitcoin’s daily, parabolic curve was violated earlier this week and broke through several macro levels on high volume and high spread.
- Last week’s candle closed a pretty large reversal candle called a “doji” and presented a stalemate between bitcoin bulls and bitcoin bears.
- The intraday volatility is quite aggressive and we are currently positioned between two strong, weekly levels. We have yet to retest our broken support at $8,000 so, if manage to hold support on our current four-hour level, it seems logical that we will be revisiting the $8,000s.
- If we break the $8,000s and reclaim support then that would mark a very bullish victory. However, if we retest it and fail to break above/hold support, we can expect the market to seek out the next destination at our weekly support level below us at $6,700.
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