Summary:
- Bitcoin has had an aggressive, unrelenting, parabolic rise over the last few weeks. The parabola is becoming so aggressive that it has stopped creating zones of consolidation and failed to establish fresh zones of support.
- It’s unclear where this parabolic growth will top, but what is clear is the parabola will soon blow off and see a retracement equally as aggressive as the ascent to the peak of the parabola.
- The likely retracement level lies at our current (and only) zone of established support around $8,600.
- If this moves continues upward, we will soon run out of resistance and we will see us testing our second-to-last weekly level at $16,100.
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