Cryptocurrency is a wild market. During the recent rally I was monitoring the price, waiting with cash on the side line to "buy the dip" and like always the dip never came. Instead I now identifie what can be said to be a parabola. Meaning that buyers becomes more and more impatient and cocky. I speculate that like all parabola it will end in an extrême price action with excessive buying from retails (Fomo) and selling from insider (Dump).
This is not a fully technical analysis, just an update on price action. Due to the May halving hype everyone should be managing risk now more than ever.
As time goes by, I will keep you updated on the evolution of the asset price, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser. This is just my knowledge on what can be said and done from the chart. Due to the volatile nature of the market, everything can change on a day to day basis. Everyone is wise to manage their risk properly when considering any trading decision or activities.
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Ethereum is in a similar setup with even more strength.
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GBTC is breaking out we can expect more upside 7.95 is now support.
Trade closed: target reached
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that's what I call parabolic. Don't be greedy unless you have to.
Trade active
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We are almost there don't get caught in the euphoria take profit at resistance. the top may be near.