Looking at the daily cycle low lines, I hesitate to take further long positions until a major retracement low. (Maybe a retracement of $1000-2000 even extending down to 5000s.) I did not measure the angles on the chart, but it is visually obvious that the cycle low slope is steep enough to call for a major retracement. If I am wrong, that means that the market is over-bullish beyond my expectations. Volume & CMF_ indicators also confirm the exhaustion of bitcoin bulls. In my opinion it is not wise to take short position is such a bull market, instead it is better to wait for a dip point to long again.
@Simon_says, Thanks for you comment. Just an additional note: Uptrend resumes after "Confirmation by two green Heiken Ashi candle on weekly chart".
Simon_says
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@CitRoN_RouGe, I know, noticed that as well. I think BTC goes up as 2 Bitcoin forks are gonna happen next week. After that time I expect price to move down as many people may try to double their coins on that fork and pumping the bubble just now.
@CitRoN_RouGe great analysis! this OBV indicator is sending a very powerful signal
RmX
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There was crazy bull you were right!
JpTraded
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Like I said earlier on other post it don’t be dropping 2k any more unless we have China size fud like last time at the most it’ll fluctuate 500-1000, if you think it’s over bought what till you see what it’s about to do
petermail
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Bitcoin will continue to rise because of the coming SegWit2x fork. 17th November Bitcoin will go down for a few days.