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Bitcoin Ready to Go Parabolic

Written By: ChartChamp

October 31, 2024

Sideways Price Action for Bitcoin Since Tuesday

Bitcoin had a very bullish start to the week with a strong rally on Sunday and Monday. However, the price action has been neutral since Tuesday, and Bitcoin is experiencing resistance near $73.7k all time highs. Bitcoin is retesting the local lows around $71.3k, and I think there needs to be a bullish bounce here for Bitcoin to remain bullish. Bitcoin is already trading below $71.3k so it will be important to form a bullish wick back up. Otherwise there’s likely to be some downside in early November. Next week is the week of the US presidential election, which could also lead to a correction in the markets.

Bitcoin has been trending down after a rejection at $73.7k. However, there is a nice parabolic curve forming, and BTC could start to go parabolic once this correction is completed. I think BTC has formed a bullish rebound at $69.6k, but I’m not sure if this rebound will be successful yet. Regardless of the short term price action I think BTC is forming a nice parabolic structure in preparation for new all time highs.

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