BTC/USD Technical Outlook
- BTC/USD pullback has important technical structure in play
- Parabolic curve remains key to outlook
BTC/USD tests parabolic curve
BTC/USD pullback has the parabolic curve in play, a structure that has gained importance as Bitcoin’s meteoric rise continues. Yesterday the curve was put thoroughly to the test, breaching it intraday, but closing out the session back above. As long as it stays above on a closing basis, then all remains well. But, if it breaks, this will open up a door for a much larger decline. At some point it will break, but will it be now or at a later time after BTC has risen even further? Not going to speculate on the timing, just simply following the curve for determining the trading bias.
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—Written by Paul Robinson, Market Analyst
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Originally Posted on: https://www.dailyfx.com/forex/technical/article/special_report/2021/02/24/Bitcoin-Technical-Outlook-Can-BTCUSD-Hold-onto-the-Parabolic-Curve-PRtech.html
By: Paul Robinson