I'm still sitting this one out as there are a few things that concern me. This is a 4hr chart but 6hr looks the same.
1. Bearish divergence with RSI marked by blue trend lines . 2. Volume decline. 3. DMI ( ADX ) not looking great. 4. MACD under. 5. Rising wedge 6. 1 Day and 3 Day charts are really screaming for a correction now.
This doesn't mean BTC 1.44% won't chew through 12k because it has a knack for doing the opposite of what you might expect. What it means is I'm playing this cautiously and sitting out until (if) 12000 breaks. If that happens I will wait until the wedge resistance is broken which should be around 12100.
Still sitting on the bench? I tapped out at 12.7k - The greed is massive.
slfmd
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@without_worries, Yep still sitting out but I'm happy for anyone else making money here. The risk is to high for me but I'm sure it's paying off for others. This is what I'm watching now
without_worries
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@slfmd, think we'll see a correction before futures begin trading. The futures expectation is not the driving force, mass media attention after passing 10k, in my opinion responsible. After nearing 13K I lost my nerve. Should have done the same with many of my alt-coins, most down 30% with their BTC pairs.
slfmd
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@without_worries, I'm really hoping we see a huge correction because this seems out of control. The amount of money being dumped into bitcoin has been staggering. If all the money tries to leave at the same time it will be a blood bath. At the moment we can't even pullback more then few hundred or occasional 1k it seems so who knows. You would think this can't go on forever.
without_worries
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@slfmd, Beggars belief. Woke to see it almost touching 15k - you're right, if all this money tries to leave at the same time a bath won't be big enough. FOMO is difficult to ignore.
slfmd
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@without_worries, There's no such thing as TA for BTC at the moment.