So Bitcoin's mystery and game plan about to be relived. Past 3 months whales&institutional investors were playing mental games.They turned die hard bulls into bears and die hard bears into bulls. As a matter of fact they got too greedy. They even want average joes few bucks. Every indicators that I use points towards bitcoin is overbought and this rise without a proper correction cannot be sustained unless they come up with super exciting news that possibly could create a new buying hype. So recently breakout happened and everybody is excited about. Bull mentality back.People buying when Rsi indicator for 15 min interval points over 80 rsi!Alt coins soaring up as well some yielded over 100% past few days. Sky is blue grass is green so must be perfect time to enter the trade? Slow down for a sec. We have been through breakout situation countless of times since January then some strange reason it fails then we are looking for a new bottom line! Surprise!! By the way April 27 is approaching. What is special about this date? Future closing date :) So all of a sudden couple days before this date we may magically see so called correction again(or major manipulation)! My advice is to be extra careful next few days and try to stay away from stop loss orders unless if you absolutely have too. It is not the right time to be emotional,it is right time to be rational.We are right in reversal zone anything can happen anytime. Please like so I can comment on other's ideas. Thank you for reading.
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So it looks like I was right about reversal zone to the point 3 waves then bouncing down from 9700usd and only got 6 likes!!! I guess you gotta have magic or dark in your user name to get few thousands. This correction should continue down to low 8g range then decisions has to be made at that point. Alt's BCH,XRP,ETH,DASH,LTC,ETC,XMR will get hit the hardest. It is best to be clear from any buying trade for next couple of days at this point.
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I am quite impressed with myself. 3 weeks ago I draw this line. Perfectly accurate. Still valid.. It looks like we are going test 7000 usd range
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We should possibly see Btc slight climb up to 8150-8300 level for may 17 daily candle (bull trap). Expecting a bigger drop to sub 7500 in couple of days following(may18.19 candle).
well done. I don't think BTC gets lower than 7700 range. too many buyers below 8k. I think we've made lower lows
SpaceCatZ
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@mboody1980, You could be right.If that is the case Btc may not climb as high as we want. However If we want to safely go over 10g range,low7g range buys more attractive for whales. However I am failing to see as 7800usd as a real support point for Btc.I am more focused on 8100 support and 7050. Both are strong support points. Especially 7050 is the being most critical especially for alts.
mboody1980
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@SpaceCatZ, Looks like you might be right. We are sub 8k! I will be buying if we get to low 7k
"People buying when Rsi indicator for 15 min interval points over 80 rsi" - this market is a curse for those with some knowledge and experience in traditional markets. While they sell and waiting for a retracement crowd without any idea about trading is buying buying and buying. In the end of the day Fomoers will count their profits while educated traders will still be in cash and waiting for a retracement... I don't hope for even $100 drop anymore. This is going to $11,700 without any stops.
SpaceCatZ
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@Djukic.nebojsa, I hope you are right.I have fair amount of experience in Crypto market as well.If this price goes up to 11.700 range without any stops then this could follow up with a big crash. But I don't agree with your idea of buying blindly especially at this sort of market. So many different ways whales can play this market out. It is like a chess game but we are not playing for the first place.We are merely observers I don't have 1000's of bitcoins to throw around.
mhfcrypto
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Great reminder about Future Contracts expiring soon. I imagine most those Contracts were Short-Contracts?
Thanks
SpaceCatZ
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@mhfcrypto, Contract expiration of date for BTC Futures contract @CME exchange.Trading terminates at 4:00 p.m. GMT. I assume they are shorts :) Explains the price fluctuations...