Quick heads up that we may be at or close to a top. Heck of a run, pre-halving or post-corona or whatever. Overdue for a pullback, and approaching wave end point.
Blue 4.236 or 4.618 very possibly the end point. The red zones are in confluence with other fibs. The green zones are possible supports to watch.
Will update as possible, between my own trade management.
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Feeling the Heat
And a perfect bonce from the dashed fib just below red zone
Closer look with only that fib displayed and blue lined
How high is high?
My guess it will top out at around 10.5k where it will hit resistance and drop. The move we had in the past 2 weeks of course is algorithmic trading to lure suckers into a bull trap. If you are trading this, make sure you have stops in place. Once it hits its high, whatever it may be, the next question is how far will it fall?
I think BTC can still go to 12k+, even 13-14k range. There is enough time for BTC to do that right now. BTC price went up from 9k to 13.9k from 19th of June 2019 to 26th of June. That's SEVEN days only!
I would not be surprised to see 14.5k by May or even June time.
BTC is a speculative asset.
It is not a store of value, just a money making platform. Game of leveraged trading. Trick is to play along with exchanges rather than against them, unless you can identify the top.
For now, the 4-hour RSI is so high, there is room only for one more leg up before a correction as EuroMotif says here. $9700, followed by a 1k - 1.5k usd pullback. Then another rally until 11-12 May 2020, followed by 'buy the rumour sell then news, and then a wave A, followed by Wave B up in July (Ethereum 2.0 launch), followed by economic deline leading to a bear cycle. Just my thoughts, and I know I could be wrong.
BDG
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@doctorkesh, yeah. Watching BTC today is like watching an F35 take off and go vertical. It keep climbing and climbing parabolic but you know it has to level off sometime and eventually land. 14k BTC? Another 50% pump from 9.2k would be overly optimistic in my opinion.
UnknownUnicorn995432
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@BDG, I have been watching BTC charts since 2013. I do not have a financial degree, I am a psychiatrist. Herd mentality is driving this price up, not to mention the fact that the whole price structure is being powered by BTC futures/leveraged trading at this time. Exchanges are making so much money liquidating both shorts and longs, plus the fees, they are probably going to make as much money as possible from this.
Nobody could have thought that Libra fomo would take BTC from 3.2k to 13.9k either in 2019.
By the way, I don't buy or sell BTC. I do trade other coins like ETH, but BTC is always the reference point for me.
I could be wrong, but it looks like my chart is speaking for itself here... this is 9 days old now...
BDG
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@doctorkesh, I don't know if you remember the Bob Newhart TV show where he played a psychologist trying to solve everyone's problem except his own. We was overworked and underpaid. One of his patients on the show asked him "Bob, what's the difference between a psychologist and a psychiatrist?" Bob deadpans, "Oh, about $50 an hour". LOL
I am happy to be wrong. This is why I am only getting in and out of trades at a fast rate. Crypto trading is not my primary job. I make a good living from my work and I do make slightly more than that an hour :)
Wish you all the best my friend. Take care and happy trading :)
My guess it will top out at around 10.5k where it will hit resistance and drop. The move we had in the past 2 weeks of course is algorithmic trading to lure suckers into a bull trap. If you are trading this, make sure you have stops in place. Once it hits its high, whatever it may be, the next question is how far will it fall?