You know what parabolic is right?
If you have been around bitcoin for at least the past 2 years, you remember what happened in late 2017...
Yea, that was parabolic price action.
In a matter of weeks, bitcoin went from $5k to $20k.
On another asset, it looks something like this:
(Source: https://www.ccn.com/bitcoin-price-dangerously-parabolic-below-6000 )
That is a chart of gold back in 2010 by the way.
Basically it's where price just keeps going up with no regard for resistance areas or pull backs.
The price action moves faster and greater the more it moves up.
It feeds on itself until it topples over and there is a prolonged correction.
This recent one is a miniature one of sorts and hoping it establishes some bases before it keeps going higher.
It's much more likely to hold on the way down if there are solid support levels as opposed to just a rip then dip.
Bitcoin is right near $7k currently.
Wowza!
