I mentioned twice in the past week that I believe BTC would go to 1.618x extension of the year i.e. 18k before its derivatives are alive.
Yesterday bitcoin swept all other major coins and has shown zero sign of slowing down. However, there are only so much money to go around.
I think the 18k target could potentially be reached later today or tomorrow. The weekend could be a period of confusion. Come Monday, the big crash many portended will be real. Altcoins may also be implicated. Seeing this last extension has been so dramatic, a fall to 9k is expected.
Note the indicators show severe overbought condition -> but they don't mean much. It's money supply that'll be the problem for bitcoin. Do we have tens of billions and increasing everyday to pump bitcoin?
Well, if Bitfinex keeps the Tether fraud plus its potential margin trading, they could still wash trading BTC and pumping up the price to the sun. Trading under such a manupilated market, one mindset to keep away from trouble is to avoid greed. Take the profit at a proper timing.
TimDeleeuw
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Shorting my BTC step by step during this massive bull run by buying ultra cheap alts. I'm expecting alts to recover fast when BTC slows down. Whales have been and are still accumulating incredible bags while dumb money goes to BTC now. So much potential for some of them and so badly thrashed. And it's not even the real BTC pumping but that's another discussion. Only expressing my personal opinion.
mmitkevich
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@TimDeleeuw, when BTCUSD crashes xxxUSD alts would crash as well. Red days on coinmarketcap you know.
Alts also are risky these days. But, positively, after crash they will recover faster than btc
dmbrski
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@mmitkevich, IF BTC goes all atl will go. I m all cash since yesterday. happy with my profit and I hope to be back soon.
mmitkevich
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@dmbrski, too risky to keep something on exchanges now. Hope your cash is in your safe.