Updated Geometric Analysis On Bitcoin/US Dollar, Including Parabolic Channel Analysis -

Updated Geometric Analysis On Bitcoin/US Dollar, Including Parabolic Channel Analysis

Dec 02, 2017Jeremy ParkinsonFinance0

Short-Term/Daily:

Bitcoin should continue to move higher off cumulative average support.

Matching support from the top of Wednesday, November 29 is also given from parabolic channels.

Intermediate-Term/Weekly:

Continued bull market expected.

Upside target of $17,000 once we see bullish confirmation. That will complete an inverted parabolic move.

SHORT-TERM VIEW:

Bitcoin found support around a cumulative average that is related to the preceding important lows:

Support for Friday, December 1 is $9,019.21 from the 1/2 average shown.

If the market breaks below $9,019.21, the next support level is $8,316.21 derived from the full cumulative average of all daily closing prices since the preceding low of $5,664.87 on November 13, 2017.

INTERMEDIATE-TERM PERSPECTIVE:

Bitcoin is slated for an eventual move to roughly $17,000, according to this parabolic structure:

Inverted moves from the 1/2 curve to both the 11/2 curve and curve 2 occur about the main curve 1.

The low sitting right on curve 1/3 would indicate an inverted move to curve 3, by flipping the fraction of 1/3 upside down to 3/1.

Resistance at curve 3 is roughly at $17,000.

If the market immediately reverses back down on Friday, December 1, then support is expected firstly at $8,465 on the 1/2 curve.

If the 1/2 level is taken out, then curve 1 at $5,700 is the next support level.

According to this updated parabolic channel analysis, $17,000 hits curves around the range of the two dates shown in this next chart:

The sharp correction occurring presently is perfectly framed by this set of parabolic channels (at D), stemming from the low of $942.38 on March 27, 2017.

$17,000 (from the previous chart) strikes two curves above (at E?) yielding December 25 & 26, 2017 (a top for Christmas?) as well as February 5, 2018, on the next lower curve.