But will it hold? Covered: Bitcoin close to flipping crucial fib level on the 2-week Historical precedence for this level indicates the beginning of parabolic BTC run The 2-week candle needs to close above this fib level to validate the pattern Bitcoin Close To Flipping Crucial Fib Level The recent Alpha from TA expert Tech […] The post Key Data Signals Potential Start of Bitcoin’s Final Parabolic Leg appeared first on CryptosRus.

Key Data Signals Potential Start of Bitcoin’s Final Parabolic Leg

But will it hold?

Covered:

  • Bitcoin close to flipping crucial fib level on the 2-week
  • Historical precedence for this level indicates the beginning of parabolic BTC run
  • The 2-week candle needs to close above this fib level to validate the pattern

Bitcoin Close To Flipping Crucial Fib Level

The recent Alpha from TA expert Tech Dev signals the final parabolic leg of Bitcoin’s run this cycle may be upon us. However, this has not quite been confirmed. As highlighted in the chart below, every 4-year cycle Bitcoin sees a rejection off of the 1.618 fib level, before continuing higher. That level, indicated by the blue horizontal line, was rejected off in April when we ran up to 64k.

As the historical data shows above, closing a 2-week candle above that same fib level (1.618) signals the beginning of the final parabolic leg, which historically has sent Bitcoin above the 2.272 fib level (green line). Cross the 2.272 fib level usually signals a cycle top. According to the chart, we have just crossed that 1.618 fib level in our current 2-week candle, and if this holds for 12 more days and we close above that key fib level, all signs point to parabolic growth to finish out the year.

TechDev expects us to close even higher above that fib level than we are now when the candle is confirmed in 12 days. The historical precedence for these fib levels is uncanny and has clearly marked the top of the cycles and the beginning of the final legs in 2013 and 2017. Running up to that historical fib level of 2.272 would put Bitcoin at $200,000. The key is that Bitcoin closes this 2-week candle above the 1.618 fib level to confirm this pattern. 

The Beginning Of Bitcoin’s Final Parabolic Leg

We published another report last week indicating that Bitcoin still has a lot of room to room according to the historical RSI (relative strength index) and how this cycle is playing out in light of the 2013 and 2017 cycles. The current RSI for Bitcoin sits at about 65, which according to his analysis indicates Bitcoin can go much higher, as an RSI of 94-98 historically signaled the top. Yet, there are even more indicators from Tech Dev that indicate clear skies ahead for Bitcoin.

Recommended: TECHDEV SAYS “THERE IS TONS OF ROOM TO RUN” FOR BITCOIN

What Needs To Happen To Trigger Bitcoin’s Final Parabolic Leg

The 2-week vortex indicator, according to TechDev is another “price-action indicator which has called all BTC tops.” Tops have been signaled by the “downtrend line dipping into the green zone” as seen below. Judging by this, there is still a “lot of room to run.”

Bitcoin is sitting around $66,800 at press time after coming off another all-time high just last night. All the historical data points to Bitcoin going much higher before year-end, and we may be primed for the final parabolic leg if we can close this 2-week candle above that crucial fib level. Will we hit PlanB’s prediction of 98k by the end of November? Only time will tell, but the indicators and the groundswell of adoption make Q4 fireworks seem inevitable.

For more insight on Bitcoin and crypto technicals, follow TechDev on Twitter and subscribe to his newsletter for exclusive content.

The post Key Data Signals Potential Start of Bitcoin’s Final Parabolic Leg appeared first on CryptosRus.