Taking long profits..

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Update here as my previous posts have all been very bullish but for later reference I want to log that I have turned direction now.

Main reason is that it feels as if the market / TradingView has become excessively bullish . Even former permabears are predicting 7k+ prices now and often when there's so much conviction, true value lies up for grabs for the contrarians. Additionally it feels as if a breaking above 5555 coming days would simply make our chart become unnatural. It therefore seems either way first a downward move is most likely.

In pink I've drawn some plays that would feel natural in the larger scheme of things and logical in hindsight when looking back 1-2 years from now. Here, interestingly, I think that the longer we stay up moving sideways rubbing the current resistance, the bigger the chance the bear market isn't over yet and a retest of the december low might still be on the menu..

I have already taken my long profits and am currently neutral. If we don’t break up next 24 hours I’ll open some shorts.

I must admit, the above isn't all very scientific, but sometimes you just have to go with intuition.

Cheers and have a good Easter

P.S. Regarding my previous posts on RSI ; the new hoped for rally is taking too long and I think now RSI will get exhausted.
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