Bitcoin TA, When Will the Parabolic Turn Happen?
Bitcoin is still holding steady above $60K. It is bouncing off of support at $60K. We will see if it holds over the next few days. As per crypto crew university, in these two charts, the stochastic RSI needs to raise to 71.5 RSI. From that point Bitcoin can begin it’s climb to $74K in a short time period. Will it dump into the $50K’s then bounce to $74K as Vince Prince’s article yesterday said? Or will it hold the $60K support and climb to $74K, after reaching the 71.5 RSI level? It doesn’t matter it your HODLing (hold on for dear life). Here are the charts below:
It is the resistance to the stochastic RSI that is holding Bitcoin down right now. So far, it has not risen above this white line, in the above chart. This could continue to serve as resistance until Bitcoin drops, bounces, and makes another attempt in the next week or so. Time will tell how Bitcoin will react to this resistance. We still think a dump will occur before the RSI can surpass 71.5. If that does happen, it will be short lived. We see a slight dump and the parabolic turn happening in November. Don’t sell!!
In this next chart we see % of Russell 3000 growth stocks with negative earnings. The level we are at now surpasses 1999 and 2008, the last two crashes. We still expect one in the stock market this fall:
In the end, the unknown aspect of this Bitcoin bull run is, will the turn to parabolic happen in November as expected by many of the best analysts we follow. Or, will Bitcoin churn slowly past $100K in December and reach this cycles all time high in the first quarter, 2022? If this bull run IS in fact, extended out, the bear market will be less severe. We cannot read which scenario will play out. We still see the parabolic turn in the charts, yet if the 71.5 RSI resistance holds through November. This bull run will churn into 2022. Only when we start seeing a down turn in RSI and price action will we really know how Bitcoin will react for this month. Crypto Crew University and the owner Steve Courtney are excellent tech analysts, they call cycle tops as well as anyone. However, if you hold long term, knowing an exact top or bottom is not important. There is a strong coorelation to investing success, with not trying to time tops and bottoms. Bitcoin is just a great hedge and brings freedom, humanitarianism, and security to the investor holding it long term. We will continue to analyze for the market top and we think we can see it when we get close. Right now, we are not close, but if we do see the parabolic turn up in price, that will change more rapidly. This is not investment advise, and we wish you the best of luck investing in Bitcoin.
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