According to RSI / MACD indicators, BTC is about to retrace more than 60%. Not very uncommon for BTC, but people should be aware buying now when indicators like RSI and MACD are flashing overbought.
Elon Musk is the only reason it didn't crash already. Just watch. It will crash for 7 weeks down 15k - 25k. I put in a huge short.
BlueDimeInvestment
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@aliasnoa, True. It's just a digital coin, not worth 50k or even 15k.
manjotsbajwa
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@aliasnoa, I agree but you dont think it will drop to 8k-9k?
BlueDimeInvestment
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@manjotsbajwa, Unfortunately i don't know. I'll cut some of the short around 15k and the rest at 10k to lock in profits.
aliasnoa
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@manjotsbajwa, I don't know for certain either. Can't even know for certain that it will crash, because people are ....I don't know how to say politely...getting dumber every year lol. Look at TSLA and dogecoin. The hype often exceeds the value nowadays in a way which never used to happen when the market was full of at least semi-intelligent individuals. This makes it more difficult to predict now. I'm just basing this off of the 2017 crash...I combined a little technical analysis with the fact that everyone I talk to is buying up random coins like crazy. They are in the euphoria stage right now. That never leads to something good. Actually that was like a week ago so yeah, crash is imminent at least for many cryptos, maybe not all but many.
manjotsbajwa
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@aliasnoa, Yes I agree. The sentiment right now is extremely bullish. I have several coworkers who bought whole bitcoin at 35k and continue to max out credit cards and mortgages. If this cycle follows the previous then the whales can easily make billions off people by doing a 70-80% correction. Then people might start panic selling and bring the value down. News will just call it a correction or "biggest crash in history" (healthy in the long run). Like they say, the higher they rise the greater they fall lol. Let's see if holds true!
aliasnoa
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@aliasnoa, wow it dropped like $500 since I typed this lmao
aliasnoa
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@aliasnoa, I shorted it with $200 close to 49K at 100x and made like $850 instantly so pulled out lol. hoping it goes back up and i'll short it with $1000, still only be losing what I started with if it doesn't work, but now if it drops hard as expected i'll get like 60k+ :D
BlueDimeInvestment
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@aliasnoa, How did you shorted it? What platform do you use?