This is a direct reference and extension of “Rally Kickstart Test” analysis by one of the best analyst on Tradingview – account named TradingShot published two weeks ago:
As you see, Bitcoin did indeed find Support and closed a 1W candle above the 1W MA50 (blue trend-line), which completed the first condition for the new parabolic rally to start. The second is of course the 1D MA50 (grey trend-line) which if broken, it confirms the start of the new rally.
The reason is simple and it has to do with a comparison of the last consolidation phase of the previous Parabolic Rally in August – September 2020. This time he’s illustrating the fractals a little bit differently than in his “Rally kickstart test” analysis, as this way the comparison becomes more evident. As you see it was on the October 05 2020 weekly (1W) candle, when the price broke and closed above the 1D MA50 that the Parabolic Rally started. Notice how even the 1W RSI sequences of the two fractals are virtually identical and hit the exact same pressure levels top and bottom. The RSI has now made a Higher High and is taking off. Will BTC follow?
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DISCLAIMER: The article is not calling for investment. Every decision is yours to decide