BTC 4h chart (BYBIT)

After a consolidation in the 58.000-60.600, Bitcoin price is painting a possible base for a strong parabolic move.

Looking at the 4h chart we can see the Bitcoin price reclaiming the KEY LEVEL of 60.000 and tested that level two times as support. In the next few candles, Bitcoin price can get a stronger momentum and detach up from the current range (a usual move seen in parabolic moves). For that we want to see a break above the horizontal local resistance of 61840.

Just above, at 61964 is 200MA, a level that need to be flipped in support for the parabolic move to play out.

A sign that the parabolic move is invalidated will be if the Bitcoin price will fail to stay in line with the blue drawing of the projected parabolic move, as well if will loose the KEY LEVEL of support of 60.000 and will close few candles bellow (a fast dip bellow this level is still possible but need to be bought fast to preserve the momentum)

Key levels/ targets up for the parabolic move could be 65.480-66800 area, and above we could see the price push even in the 69400-70.900.

Note: Check your broker chart and see the price level difference. This is just my opinion and it is not meant to be a signal or financial advice. Trade safe and manage your risk.

In conclusion, for those who are thinking to jump in a long trade here on 61.000 area, I suggest a stop loss in the 58400 area and take profit in the 64500-71.000 area (trailed).

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