Bitcoin goes parabolic as shown by the steep pushup early this week, breaking above 14000 dollar for the first time in 2019. The huge volume in leading derivative exchanges indicate the market has reach a point of frenzy that is illustrated by media coverages and vigorous new investors pouring in.
The pull back yesterday, in any sense, is expected and well-deserved since anyone, with some trading experience, will realize that parabolic momentum can't sustain itself indefinitely. A sell off, therefore, inevitably follows .
Anyway, the 3000 dollar pullback is a remainder that we're in a bull market, and in chart we can see buys are starting to come back when the price drift to 10000 level, which is an important support leven, psychologically and technically. The rebounce near 10300 make the relatively steep uptrend beginning at 8000 intact.
That being said, We concluded that the market is still very strong and shows significant resilience, and new buyers are still pouring in to provide liquidity to crypto assets.
Technically, the bull trend has yet over, and we won't prematurely assume the top is 14000 since the trendline holds steady against selling pressure. Nevertheless, we expect some days of consolidation before the market gain steam and resume momentum.
The pull back yesterday, in any sense, is expected and well-deserved since anyone, with some trading experience, will realize that parabolic momentum can't sustain itself indefinitely. A sell off, therefore, inevitably follows .
Anyway, the 3000 dollar pullback is a remainder that we're in a bull market, and in chart we can see buys are starting to come back when the price drift to 10000 level, which is an important support leven, psychologically and technically. The rebounce near 10300 make the relatively steep uptrend beginning at 8000 intact.
That being said, We concluded that the market is still very strong and shows significant resilience, and new buyers are still pouring in to provide liquidity to crypto assets.
Technically, the bull trend has yet over, and we won't prematurely assume the top is 14000 since the trendline holds steady against selling pressure. Nevertheless, we expect some days of consolidation before the market gain steam and resume momentum.
