{"id":564703,"date":"2020-11-22T18:13:08","date_gmt":"2020-11-22T15:13:08","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564703"},"modified":"2020-11-22T18:13:08","modified_gmt":"2020-11-22T15:13:08","slug":"bitcoin-analyst-btcs-parabolic-rally-hints-of-a-pullback-to-13-8k","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-analyst-btcs-parabolic-rally-hints-of-a-pullback-to-13-8k\/","title":{"rendered":"Bitcoin Analyst: BTC&#8217;s Parabolic Rally Hints of a Pullback to $13.8k"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin zoomed past the $17,115 resistance level like it did not exist<\/strong><\/li>\n<li><strong>BTC is still showing signs of bullish momentum<\/strong><\/li>\n<li><strong>Its parabolic nature since September points to a pullback to $13,800<\/strong><\/li>\n<li><strong>However, a pullback is not guaranteed and Bitcoin could continue rising<\/strong><\/li>\n<\/ul>\n<p>Bitcoin Analyst, <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-analyst-btc-could-test-the-80k-90k-region-by-mid-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">MagicPoopCannon<\/a>, has shared <a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/jCpTilNZ-A-BTC-Signal-With-100-Accuracy-For-Your-Viewing-Pleasure\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">his most recent analysis<\/a> of BTC in which he points out that the King of Crypto zoomed past the $17,115 resistance level like it did not exist. Furthermore, Bitcoin is showing little signs of slowing down despite exhibiting a parabolic rally that should result in a pullback very soon.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-is-in-bubble-territory-crypto-analyst\/\" target=\"_blank\" rel=\"noopener noreferrer\">A Bitcoin correction<\/a> would be a natural consequence of such a rally but Magic warns it is not guaranteed.<\/p>\n<blockquote><p>&#8230;\u00a0<span class=\"js-inline-quote-ticker tv-inline-quote-ticker\" data-symbol=\"BITSTAMP:BTCUSD\"><span class=\"tv-inline-quote-ticker__source-text\">BTC <\/span><\/span>has smashed through the\u00a0<span class=\"tv-chart-view__tag-page-link\">pivot<\/span>\u00a0high\u00a0<span class=\"tv-chart-view__tag-page-link\">resistance level<\/span>\u00a0at 17115 (yellow trendline) like it didn&#8217;t even exist. While\u00a0<span class=\"js-inline-quote-ticker tv-inline-quote-ticker\" data-symbol=\"BITSTAMP:BTCUSD\"><span class=\"tv-inline-quote-ticker__source-text\">BTC<\/span><\/span>is currently showing no signs of slowing, the parabolic nature of this rally has me anticipating a pullback.<\/p>\n<p>With that said, a pullback is technically not guaranteed. In fact, if you look back at previous instances where\u00a0<span class=\"js-inline-quote-ticker tv-inline-quote-ticker\" data-symbol=\"BITSTAMP:BTCUSD\"><span class=\"tv-inline-quote-ticker__source-text\">BTC <\/span><\/span>took out old all time highs, there are several examples where\u00a0<span class=\"js-inline-quote-ticker tv-inline-quote-ticker\" data-symbol=\"BITSTAMP:BTCUSD\"><span class=\"tv-inline-quote-ticker__source-text\">BTC <\/span><\/span>continued a meteoric rise, without pulling back much at all.<\/p><\/blockquote>\n<h2>Why a Bitcoin Pullback Could Happen<\/h2>\n<p>When exploring the possibilities of Bitcoin correcting, Magic explained that BTC had extended too far from the green and red Gaussian Channel in the chart below. According to Magic, when <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-inches-closer-to-15k-as-btc-dominance-decimates-altcoins\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin extends<\/a> too far from this channel, chances are that it will return to, or near it, in the near future.<\/p>\n<figure id=\"attachment_564704\" aria-describedby=\"caption-attachment-564704\" style=\"width: 948px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd.jpg\"><img class=\"size-full wp-image-564704\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd.jpg\" alt=\"\" width=\"948\" height=\"438\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd.jpg 948w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd-300x139.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd-770x356.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd-500x231.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd-240x111.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/11\/Magic-BTC-Nov22nd-717x331.jpg 717w\" sizes=\"(max-width: 948px) 100vw, 948px\" title=\"\"><\/a><figcaption id=\"caption-attachment-564704\" class=\"wp-caption-text\">Source, TradingView.com<\/figcaption><\/figure>\n<p>He also pointed out that Bitcoin&#8217;s NVT ratio was high. This fact coupled with the current parabolic run should signal an inflection point for Bitcoin.<\/p>\n<blockquote><p>So, we can see that an extreme\u00a0<span class=\"js-inline-quote-ticker tv-inline-quote-ticker\" data-symbol=\"NYSE:NVT\"><span class=\"tv-inline-quote-ticker__source-text\">NVT <\/span><\/span>reading coupled with a parabolic move in price results in a reversal with 100% accuracy since 2017, possibly even further back.<\/p>\n<p>Looking at the current price action, we can see that it is absolutely parabolic, and there is also an extreme reading on the\u00a0<span class=\"js-inline-quote-ticker tv-inline-quote-ticker\" data-symbol=\"NYSE:NVT\"><span class=\"tv-inline-quote-ticker__source-text\">NVT<\/span><\/span>. So, there is reason to believe, based on this analysis, that we will see a pullback very soon.<\/p><\/blockquote>\n<h2>$13,800 is Bitcoin&#8217;s Strongest Area<\/h2>\n<p>In his concluding remarks, Magic pointed out if there was a correction, Bitcoin would most likely test the <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-analyst-btc-will-challenge-20k-if-it-rises-above-14k\/\" target=\"_blank\" rel=\"noopener noreferrer\">$13,800 area as support<\/a>.<\/p>\n<blockquote><p>If [a correction] happens, I think it could probably take us down to the Gaussian Channel, or somewhere close to it. In fact, that green trendline at 13800 looks like a likely target, as it was never tested for support, and it is close to the Gaussian Channel.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Bitcoin zoomed past the $17,115 resistance level like it did not exist BTC is still showing signs of bullish momentum Its parabolic nature since September points to a pullback to $13,800 However, a pullback is not guaranteed and Bitcoin could continue rising Bitcoin Analyst, MagicPoopCannon, has shared his most recent analysis of BTC in which he points out that the King of Crypto zoomed past the $17,115 resistance level like it did not exist. Furthermore, Bitcoin is showing [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":563552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564703"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=564703"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/563552"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=564703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=564703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=564703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}