Are you buying this? I am not saying this is a parabolic asset, however it still is in a weekly parabolic trend.
Ichimoku (Bullish): Kijun has routinely operated as a strong support for BTC as numerous times we have seen touches or attempted touches with long wicks to the Kijun. Tenkan is over Kijun, cloud is green, lagging span is above the cloud and above price.
RSI is on a strong support level that has been tested 8 times since being broken to the top the week of 10/19/2015. StochRSI is also at levels we haven't seen since April of last year and BTC usually doesn't stay oversold for too long.
Pitchfork: This has been a solid pitchfork trend channel for nearly a year and we are simply at the bottom of this trend channel. The pitchfork midpoint and the parabolic trend meet each other in early April around 32k.
Ultimately, zoom out and don't panic without seeing the bigger picture. BTC is still in a very bullish long-term trend. Do not mistake a wave for the ocean.
@cpoll, That is a question one must ask him/herself. AMZN has spent only 5 weeks in 3 years under the RSI midpoint and it was during a consecutive 5 week stretch. For a new technology and new asset class (as far as adoption goes) I would say it could continue for some time. But who am I.
TEXANUSAPROUD
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Love that saying! "When in Doubt, Zoom Out".....very cool....thank you, I will definitely remember and use that saying :)
@AnaK, TA wise: I would say a weekly close below the Kijun would be worrisome. Also if a bear fractal occurs, a close below the previous bear fractal would be worrisome. Short-term many things signaled this current correction. However, long-term the trend is still intact. I use weekly and 3D for long-term and daily down to 30 mins for short term.