Check out the similar parabolic moves on Tesla (TSLA) and Bitcoin (BTC/USD) on the following weekly comparison chart.
Although both instruments are wildly different (inasmuch as Tesla is actually pegged to a tangible product and is backed by shareholders, Bitcoin is not...it's a cryptocurrency), they've both experienced extreme parabolic moves.
Bitcoin dropped like a stone throughout 2018 before it stabilized and eventually experienced a mini-rally (in comparison to its prior heady spike to 19,210 in 2017). Since mid-2019, it has mostly dropped in a choppy manner, and is attempting yet another comeback.
Tesla reached a high of 968.99 on February 4 before losing a couple of hundred points in two days. The Balance of Power is still in the hands of buyers on this timeframe. A drop and hold below zero will shift that power to sellers...one indicator to watch over the coming weeks.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. July 7 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Tues. July 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. July 14 @ 8:30 am ET ~ PPI m/m & Core PPI m/m Data
* Wed. July 14 @ 2:00 pm ET ~ Beige Book Report
* Fri. July 16 @ 8:30 am ET ~ Retail Sales & Core Retail Sales Data
* Wed. July 28 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. July 30 @ 8:30 am ET ~ Core PCE Price Index Data
* Fri. Aug. 6 @ 8:30 am ET ~ Employment Data
*** Click here for link to Economic Calendars for all upcoming events.