bitcoin price trend
If bitcoin retraces, we can expect support to line on the linear trendline outlined in purple, and the 100% retracement values in the $7900s. However, if bitcoin manages to break these parabolic trend values and find support or continue upward, bitcoin could see prices as high as $12,000 (the next set of fibonacci extension values). It should be noted that a breaking of this parabolic envelope would mark a breakout of the 2.5 year long parabolic trend outlined in Figure 1.