Bitcoin Price Analysis: Where’s the Local Top For The Parabolic Run?
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- The bitcoin market has gone awry as we blasted off by two important weekly amounts. The immunity got crushed due to a high number of short positions that were induce liquidated in an event known as a”short squeeze.”
- We’re testing the 8,000 amount but a significant weekly resistance level looms directly overhead in the 8,150 area. The cost structure is appearing quite climactic and we may observe a solid round of selling hit the market that could potentially pull us down to retest the mid-$ 6,000 6,000s.
- When we manage to crack the overhanging immunity and seek service, we could expect to see further cost growth as we again decimate a macro immunity level.