ZuluTrade Blog

Bitcoin: From parabolic to a vertical move! Hold tight!

Market View | Thursday, December 7, 2017 8:10 AM GMT

Most analysts are “lost” with Bitcoin. Elliotists are updating their wave count analysis on a daily basis. No trading channel can follow the price action. Everyone has to restudy the charts to define new targets.

Bitcoin was moving parabolic until end of November. Since then, the king of cryptos is moving almost vertically. Trying to find the top, it’s out of the question. Therefore, the main strategy is buying the dips before there is a pattern of lower highs and lows.




Heading to the hourly TF, it’s obvious that 5 and 21 EMA are tracking the current move efficiently. The slow EMA acts as support. RSI (14) is creating a second negative divergence, which may give us a bearish indication. However, this is not yet confirmed.


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