Analysts are forecasting further price drops before a breakout for Bitcoin the “parabolic” asset as sliding resistance plays out this week.
Remember You’re Parabolic
In an update to weekly markets analysis Monday, MarketWatch source known as Filbfilb suggested trading positions focusing around $ 8000 in the short term. At press time, Bitcoin was trading around $ 9550, down just above weekly lows of $ 9313 according to data from Bitstamp.
In a forecast described by Twitter trading account Parabolic Trav as “very accurate,” Filbfilb predicted resistance surrounding $ 12,000 which saw Bitcoin’s ascent halted last week at around $ 11,800.