Taking a look at the Bitcoin daily chart, I cannot help but cringe at the picture I see. We had a very strong rally back to 50k after our 50% fall from the high at 65k. But you can see the price action rounding as it approaches the neckline of the previous high, which to me means the bulls are either exhausted or taking some time before moving on up. However, I think their is more evidence at the moment in support of a bearish reversal here. We have been rejected twice now by the 50k level which could potentially be a double top bearish pattern. You can also see the daily sell wick forming from yesterday's pump. I think if we fall back below the purple support area, we can confirm this was a bull trap and need to consider changing gears from bullish to bearish. The potential downside from here could be big and I will be taking the necessary precautions to protect my investments. Dropping to the 40k level could set up a massive head and shoulders pattern which would take us down to 16k-18k. That is a worse case scenario, but a plausible one, especially considering Bitcoin's proclivity for dramatics.
In terms of the alt market, I don't think I will be making many shorts given how bullish they are against BTC. We could have a December 2017 - January 2018 flip between Bitcoin and the alts where the alts break their usual behavior pattern and follow Bitcoin's lead. If this is the case, I will be looking for ALT/USD entry points when Bitcoin hits its lows and hoping for strong alt spikes when it moves sideways. We will see. Stay tuned!
Risky trade right now hopium for 100k. Likely to crash back down in Red September for sure.
My2CentsOnBTC
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Nicely seen in that days.
DanyBoy4k
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this is not the top of the bull run, we are almost half, BTC is heading to 100k
jpbrown1023
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@Dany.aguilar.c, I don't disagree with you there. But how we get there may be different than we anticipate.
ergash1982
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@Dany.aguilar.c, i like your optimism, but who said we are going there now, and what are the factors for it? as i can see volume are miserable compared to last rally. also if you look closely when rally starts, its not the spot accounts that move bitcoin up, its margin accounts. and margin accounts dont stay for long, people take profits and could easily fall as well. in time yes it will go to 100k or even more maybe, but i dont think its going to be this year
10% gain from 50,000 is 55,000. 10% gain from 30,000 was just 3,000. As the price increase gains in % decrease.
If it gets to 100k it is going to take a whopping 10k rise just for anyone to make any decent profit.
It would be fun to watch BTC get to 100k, but I do not think anyone wants it to actually get there.
3% gains would be considered a bull run at that point. Not the 50%~ meteoric gains that we are all so used to.
Plus the whale accounts that I follow were buying around 30k and have been selling at 50k. I trust that billionaires have the best research available.