BTC still respecting bullish pennant & parabolic trend channels
Bitcoin is currently still respecting the triangle it has been forming for the last month or so. It's also finding support on the top edge of the daily cloud and also still respecting it's recent breakout into a new trend, indicated as channel 3 on the chart. If it breaks down from the triangle support it will enter a critical zone, if it falls below around 12,500, it would be out of sync with it's multi-year, overall parabolic trend.
A deeper ABC correction to 78.6% fib / 8000 zone would be a denial of the breakout from previous channel, also the end of the parabolic, ever increasing trend.
Potential targets marked in red based on trend based fib extensions of the previous wave
A deeper ABC correction to 78.6% fib / 8000 zone would be a denial of the breakout from previous channel, also the end of the parabolic, ever increasing trend.
Potential targets marked in red based on trend based fib extensions of the previous wave
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