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Bitcoin Price Analysis: Where Is the Local Top for This Parabolic Run?

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Summary:

  1. The bitcoin market has gone parabolic as we blasted off through two major weekly levels. The resistance got crushed due to a high amount of short positions that were force liquidated in an event known as a “short squeeze.”
  2. We are currently testing the $8,000 level but a major weekly resistance level looms directly overhead in the $8,150 area. The price structure is looking fairly climactic and we might see a strong round of selling hit the market that could potentially pull us down to retest the mid-$6,000s.
  3. If we manage to crack the overhanging resistance and find support, we can expect to see further price growth as we once again decimate a macro resistance level.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on123Cryptocurrency and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

Aerospace engineer turned crypto-market analyst. Bitcoin Schmitcoin became popular within the subculture of the Reddit communities and now posts his daily thoughts and market outlook via Twitter and his regular stream on Twitch.tv.

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