BitcoinDiupdate Top Formation or $10k?
This quick idea is a comparison of the pararbolic 20k top formation of Dec. 2017, and what may be the top formation of the recent parabolic spike with a high currently at 9.1k.
Both exhibit similar characteristics, namely, the double-zig-zag fractal in pink (up-down-up-down), followed by a spike to a final top in purple, followed by a double bottom formation in green. In 2017 this formation was then followed by a 65% precipitous drop. Will price history repeat or will we continue the 5th leg of our EW structure to 10k?
Both exhibit similar characteristics, namely, the double-zig-zag fractal in pink (up-down-up-down), followed by a spike to a final top in purple, followed by a double bottom formation in green. In 2017 this formation was then followed by a 65% precipitous drop. Will price history repeat or will we continue the 5th leg of our EW structure to 10k?
Catatan
Crypto greed index is now at 80, an all-time high. Rated as "extreme greed." alternative.me/crypto/fear-and-greed-index/Catatan
Parabolic support broken. Catatan
Violent sell-off of near 1000 points in a few minutes from the high suggests a top may be in, at least for now. Might expect wild swings of 500-1000 points before a final correction.
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