Dont get too excited, just not yet.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey! I am back with another Idea.

My opinion.

Today I woke up and seen a major move from Bitcoin .

I was glad to see such move, but when I looked up how fast it went up in such tiny timeframe, its wasnt a good indication to me.
But for average person it may looks like "Yea, nice. Volume is coming, I dont want to miss this out" Believe it or not, my feeling were kinda same when I woke up.

I would love to believe same as You that we are going up and changing the trend, but I have to stay emotionless and over the matter with a neutral perspective.

Then I started to analyze Bitcoin chart and some major alts and started wondering if this could be the trend changing move..

So I looked up my Bitcoin chart on weekly base and from there I started to Tether up as this move can lead up to a nasty Pinbar ..

I am not saying that this has to culminate into a Pinbar , but Tethering up present a lower risk than staying in this Pump.

Its just more likely to go down than continue going up same way and if, that would seems kinda suspicious to me.

Currently 2/3 of my portfolio is in Tether, after a week if this wont lead into a pinbar , I will buy some of my favorites alts back again.


Looking at RSI , you can see just how strong the buying impulses were in past years and how long they have occured, I dont believe one move below 40 is enough to change a trend.
Also currently testing a strong ressitance level.

For more technical side, check out my another Idea which was an inspiration to this one, as I dont want people to be blinded by a tall green candle.

I really do appreciate each "Agree" hit!

If You have any questions or want to dislocate something let me know down bellow in comments.

Thanks for your time and good luck trading!
To play devils advocate here, if you take a look at bitstamp in 2015, weekly rsi only dipped into oversold once.
Technically, one could base a trade off of this and if one did, they'd be sitting pretty right now.
Aside from that small fact I do agree that we have a lower low yet on the horizon. I just think we have to bounce first personally.
+1 Reply
I aree with you.. I think it is a Bull trap.. only if it breaks the TD and several MA on daily and weekly I will onsider to enter..but i think it is quite difficult that could happen.. several indicators on daily and weekly are in the overbought zone..
+3 Reply
TiborVrbovsky berto.1986
@berto.1986, Apparently there was a 20,000 buy from one account from three venues, even though the green looks good, I dont trust it. Indicators can stay in this zone for even a month, dont get fooled by them!
+1 Reply
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