Look at the RSI and MACD indicators. Look at the history. Now look back again the current deviation of these indicators and how far is the current price of the 21 MA, RSI and MCAD averages. I think the bitcoin is in mainstream media and that is the only reason for the high prices these days. The facts however are the bitcoin is overpriced. The greater resistance has bitcoin on these indicators the greater the elastic effect will be in the opposite direction. I believe it is time for shorting the bitcoin. Think we will be lucky of we get the bear trend again back at 7700 eur per bitcoin. Think the greater the swing is the more chance we have to reverse the strong bullish trend.
Combining fundamental and technical analysis into a decision is the best we can do and you have pointed out the most prevalent of both, I'll be short for a while pending me TA confirmation
tudor5
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would you not think the bullish trend will hold until 10 Dec, no matter what, and then the whales will do the swing up and then massively down, and then a new chapter will start?
VladimirMoushkov
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@tudor5, the bitcoin price is usually affected by the media before the actual actions happens so what you are saying make sense.
My concern is however that until 10th of December it will really mighty pump, the more pumped the bitcoin is the bigger the blow will be.
The bigger the blow is the greater chance is to reverse the bullish trend of the bitcoin from the last years.
tudor5
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@VladimirMoushkov, so actually, the opposite of that's expected (what I wrote), would be more more healthy for BTC? there's good 3.5 days left, let's call some whales for some waves. :)
VladimirMoushkov
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@tudor5, we have the same expectation about the trend but slightly different for the result of the trend.
My point is that the greater price it builds the greater will be the shock once the whales get cash outs.