• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Sensei Inu Logo

Time To Short? Recent Bitcoin Price Parabola Broken Despite Continued Climb

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

The current ongoing Bitcoin rally has bulls and bears alike in complete disbelief, due to the crypto market leader not only continuing to climb in the face of negative news, and even though it is facing extremely powerful overhead resistance that is the result of the price level playing support throughout the bear market.

Since the early April surge that kicked off the bullish rally, Bitcoin price has once again gone parabolic. According to crypto analysts, that parabola has now been broken, and a pullback is long overdue.

Bitcoin Price Goes Parabolic Once Again, Where Does The Break Take Us?

Starting with the break of resistance at $4,200 that took the price per BTC upward by nearly $1,000 in an hour, the asset has gone full blown parabolic and has most ready to believe the early stages of a bull market have begun.

Bitcoin has since nearly doubled from its December 2018 bottom, and has rallied from $5,000 to $6,400 without any significant retracement, even in the face of the worst Tether FUD yet, and a hack of the world’s largest exchange by trading volume, Binance.

Related Reading | Crypto Analyst: Bitcoin MACD Histogram More Extended Than During Previous Bull Cycle 

But parabolic advances cannot last forever, as the height of the December 2017 hype bubble has shown us, which took the price of Bitcoin skyrocketing towards $20,000. Like $20,000, Bitcoin’s parabolic trend line that has been supporting the advance thus far, has now been broken.

$BTC

Parabola broken
Looking for short-term shorts once we lose the last "base"

I'll keep you updated. pic.twitter.com/dhZo7eSARg

— Livercoin (@livercoin) May 10, 2019

The break hasn’t caused any significant downside, but then again, nothing has been able to stop Bitcoin’s recent bullish momentum.

Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience

Still, analysts across the crypto market are expecting the price of Bitcoin to be rejected eventually, causing the price of the crypto asset to go tumbling back toward $5,800 or lower to retest support. Previously, a retest of resistance turned support at $4,200 was being called for, but has all been forgotten as Bitcoin set new 2019 high after high.

The dying moves of a parabolic trend pic.twitter.com/Nw6ptZ48g0

— //Ethereum ?ack ? (@BTC_JackSparrow) May 10, 2019

While most traders are targeting $6,000, $5,800, $5,500, or lower for Bitcoin’s pullback targets, according to professional career trader Peter Brandt, assets that have gone parabolic, once broken, often retrace as much as 80% of the initial advance.

His prediction turned out to be chillingly accurate, as once Bitcoin’s all-time high of $20,000 was set, it eventually bottomed out at $3,150 – is an 84.25% decrease in value.

An 80% decrease from here, would put the price of each Bitcoin at a mere $1,280 – further than even the most bearish bears are calling for. Given the recent price action, an 80% drop is highly unlikely, however, what goes up must come down eventually, and Bitcoin’s uptrend is far overdue for a correction or at least consolidation. But Bitcoin has continued to shock and awe in recent weeks, and could continue to do so as the disbelief phase rages on.

Featured image from Shutterstock
Tags: bitcoinbitcoin jackbitcoin pricecryptolivercoinPeter Brandt
Tweet123Share543ShareSend
Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

Related Posts

Polkadot parachains

Polkadot To Increase Parachains By 10X, Will This Support Free-Falling DOT?

42 mins ago
ImmutableX

ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33% Climb

8 hours ago
Bitcoin crypto Fed treasury yields

Bitcoin And Crypto Face Turbulence As 10-Year US Treasury Yield Hits 15-Year High

10 hours ago
The Future Landscape of ASIC Miners

The Future Landscape of ASIC Miners

11 hours ago
XRP

XRP Hurdle In The Run-Up To ‘Proper Party’ – Will Altcoin Price Slip?

11 hours ago
MakerDAO

MakerDAO (MKR) Recent Rally Signals Potential For New Highs – $1,700 On The Horizon?

15 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Arbitrum (ARB), Toncoin (TON), and Tradecurve Markets...

    9 hours ago
  • Top Meme and Utility Tokens to Watch Out For in 2023...

    10 hours ago
  • Bitcoin Miners Go Bankrupt As Bitcoin Spark Looks To...

    10 hours ago
  • Massive Potential Unveiled: Hedera, dYdX, Kangamoon, Poised...

    10 hours ago
  • Uwerx’s Recovery Blueprint Ignites Momentum With The...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.