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Bitcoin Parabolic Rally Reversal Faces Big Support Test

By Chris KimbleCryptocurrencyJan 24, 2021 12:08AM ET
www.investing.com/analysis/bitcoin-parabolic-rally-reversal-faces-big-support-test-200556835
Bitcoin Parabolic Rally Reversal Faces Big Support Test
By Chris Kimble   |  Jan 24, 2021 12:08AM ET
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Bitcoin Chart
Bitcoin Chart

One of the biggest breakouts of 2020 came by way of Bitcoin. And it was epic.

The coronavirus crash saw the cryptocurrency retest its 2018 lows before rocketing higher in parabolic fashion.

Did Bitcoin Peak? What’s Next?

Today we examine a “weekly” chart of Bitcoin, highlighting its parabolic rally… and recent reversal lower.

The rally in Bitcoin surged all the way to the 361% Fibonacci extension level at (1) before creating the largest bearish reversal in years.

In just a few weeks' time, Bitcoin is testing its 261% Fibonacci level near 31,000 at (2). This is a big test of support for the cryptocurrency. A “weekly” closing below this support level could bring a decline all the way to 20,500 and its 161% Fib level at (3). That would be a full retest of the 2017 highs!

What Bitcoin does in the days/weeks ahead will be important for traders. Stay tuned!

Bitcoin Parabolic Rally Reversal Faces Big Support Test
 

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Bitcoin Parabolic Rally Reversal Faces Big Support Test

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Comments (3)
Victor Mala
Victor Mala Jan 28, 2021 4:01PM ET
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hello
Trading Unleashed
Trading Unleashed Jan 24, 2021 11:34AM ET
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Hang on, everyone. Here it comes! :)
Tokyo Tiger
Tokyo Tiger Jan 24, 2021 9:59AM ET
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useless fibonacci analysis with Bitcoin
 
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