Bitcoin finished the week at $6975, up a staggering 22 percent. With the market echoing the parabolic moves of late 2017, let’s take a closer look at the price action to see if this is the beginning or the end of the rally for Bitcoin.
Bitcoin Price Weekly Chart
Looking at the weekly chart we can see that bitcoin price 00 is showing extremely strong momentum and has entered a parabolic move.
The MacD is now crossed bullish for the first time since May of 2018 and the histogram continues to print higher highs. Everything is apparently rosy in the bulls’ camp.
Monday has gotten off to a strong start, with bitcoin pushing on and up 4.7 percent at the time of writing, having found support at the 23.6 percent retracement level, or around $7,000.
With the parabola still in tact, it seems likely that BTC/USD will look to press higher towards the next Fibonacci level at 38.2 percent ($9450) if momentum and the parabola can be maintained.
The 1-hour chart shows bitcoin having broken out of a consolidation with strong…