VIDEO Bitcoin bullish move is getting overextended

Bitcoin has rallied by close to 300% from its major low of 3128 printed on 15 Dec 2018.
The on-going uptrend phase is 7-month long with only 2 significant consolidation phases; a 4-month bottoming phase from Dec 2018 to Apr 2019 and a 1-month pull-back phase from May to Jun 2019.
After the recent pull-back phase from May to Jun, the rally in Bitcoin is the steepest seen so far in this on-going major uptrend cycle. In addition, the daily Bollinger Band Width, an indicator that measures relative volatility has continued to rise and it is now coming close to an extreme high volatility zone based on historical observations.
Therefore, the probability of occurrence for another significant consolidation phase has increased at this juncture.
Thus, Bitcoin may see a residual push up towards the significant resistance zone of 16300/17200 as defined by the Jan 2018 swing high and a Fibonacci projection cluster before a potential corrective move materialises for a decline to test the 9700/9120 support zone which is also coincides with the 34 day-EMA.

Related analysis:

Bitcoin: Do Volatile, Bullish Sessions Lead To Further Gains?

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