After analysis of BITCOIN, I found much symmetry within the Crypto-kings trend. These large spikes most likely have to do with traders getting in and out and new money trying to use Bitcoin as a trading currency (not investment).
As the broader market becomes welcomes more "Traders" we should continue to see people riding the trend. I believe this is a day/ swing-trade play for many traders. As price/ trend suggest big $$ has been taking profits at peaks which is why we've seen with these dramatic moves to downside.
Disclosure: I have no position in Bitcoin. I may buy/ sell within the next 72 hours. This is not a note to buy or sell. Please do your homework before investing
As the broader market becomes welcomes more "Traders" we should continue to see people riding the trend. I believe this is a day/ swing-trade play for many traders. As price/ trend suggest big $$ has been taking profits at peaks which is why we've seen with these dramatic moves to downside.
- Long-term trend and Fibonacci retracement suggest Bitcoin retraces minimum 50% retracement.
- Long-term trend shows bitcoin already tested upper resistance
- pattern suggest Forming LARGE Descending triangles.
- #watch out below
Disclosure: I have no position in Bitcoin. I may buy/ sell within the next 72 hours. This is not a note to buy or sell. Please do your homework before investing
Comment:
Dayyumm this was a great freaking call, just when other ppl thought it was going to continue.. parabolic moves only last so long then end with sharp sell-offs. Maybe big $ will be smarter to walk it up stairway formation next runup. this was easy #short