Bitcoin in the Brink of Parabolic Movement

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Bitcoin in the Brink of Parabolic Movement
Bitcoin bulls are not ready for a break yet after
hitting above the 7,600 price zone a few hours
ago. In fact, at least half an hour ago BTC
surged past 7,900. Attaining the 7,920 price.
It is clear that buyers have now stepped in.
During press time, the crypto is up by at least
5.79 within the past 24 hours.  Which is however
a slight underperformance in comparison to
Ethereums 6 and XRPs  dramatic surge by 12.
Nevertheless, there is still fear of short term
pullbacks due to a couple of technical and chart
patterns pointing out Bitcoin could be
overextending in the short term . 
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Key Downward Channel 
Such a key pump could have Bitcoin attain an
upper bound of the key downward channel which
the leading digital asset has been trading in for
seven months now. This means that market prices
could undergo a strong pullback. In fact, the
coin was kicked off from this downtrend at least
thrice in the past few months.  Additionally, the
cryptocurrency is diverting through a clear
horizontal resistance level that has been part of
the trend since September last year.  Translating
to Bitcoins need for a powerful momentum to
clear beyond the prior levels of a possible high.
Nevertheless, an extremely short term bearish
corresponds with a seeming consensus among
traders and analysts alike that eventually means
Bitcoin could continue to rock higher levels in
the next one or two days.
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Hash Rate
Bitcoins perfomance in the past few days
dictated an inverse head and shoulder bullish
chart pattern. A pattern that could likely mark a
strong Bitcoin bottom. Additionally,
Bitcoins hash rate also hit a new all time high
on New Year's Day 2020.  The new hash broke a
previous all time high set back in October. About
two months ago, which means the lightning network
is becoming more powerful than before. All set
for an amazing 2020. 
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tcoin-in-the-brink-of-parabolic-movement
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