Last month, I took a look at Bitcoin (CURRENCY:BTC) and identified a cluster of important price targets that would likely provide resistance for its parabolic move higher.
These price targets held, and since then Bitcoin has declined sharply. Today, i”ll provide a quick update with some potential support levels to watch.
Below is a price chart update for the Bitcoin Investment Trust (OTCMKTS:GBTC). I’m sharing this as more of a proxy and absolutely not a recommendation to trade.
As you can see, GBTC is near initial price support at 357 and has eyes for lower support near 293. After parabolic like moves higher, declines can be steep, which is why trading parabolic moves can be dangerous.
Thanks for reading and have a great week.
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
