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After an incredible upside price rally that took place throughout the end of 2020, the recent 20% decline in Bitcoin prices, seemingly overnight on January 4th, may have come as a shock to many Bitcoin traders. The deep low price was reached in early trading overnight on very heavy volume – reaching levels near $27,734. Compared to the high price level reached just 27 hours earlier, near $34,800, this strong price decline represents a 20% sell off (over -$7040).
Bitcoin Daily Chart
If this is the start of a broader downtrend for Bitcoin, we’ll have to watch the MAGENTA trend level on this Daily Bitcoin chart below for an indication the upward support channel is breached. This may be a deep pullback in a stronger uptrend still. But the heavy volume and very deep decline suggest the upside parabolic price trend may have “popped” and Bitcoin may be setting up for a bigger change in trend in early 2021.
We hope you enjoyed the brief holiday break… it seems Bitcoin has been busy while the markets have been resting! Bitcoin enthusiasts are adamant that the price rally has just started a parabolic move higher. From a technical standpoint, this current rally certainly appears to have gone parabolic. As any trader already understands, what goes up may eventually come crashing downward.
My research team and I believe failure at the current highs would represent a clear technical divergence pattern between price and the RSI indicator. Additionally, the current rally that started on December 20 consists of a $10,850 rally phase. The previous rally that took place from October 20 to December 2 consisted of a $9,200 rally phase. We believe this current rally phase from December 11 could be a Wave 5 rally (almost equal to the Wave 3 rally range). If our researchers are correct, this final rally phase could come crashing downward after reaching these peak