I post that chart because I know some of you are going crazy about the bitcoin... is it a bubble or not.. Well let's make this straight... if you think this kind of price action isn't typically a bubble.. then you need to review your classics ! Of course this is a bubble ! The only question is when is going to burst.. That's a tricky question.. and trying to short a bubble require quite some experience.
Every trade need a technical background to support the scenario (otherwise it's just random betting.. and that's gamble.. not trading). Using my mighty couple of indicators, PRO Sinewave & PRO Momentum, here's what I have :
We can clearly highlight 5 sell signal (confirmed by both Sinewave & Momentum). These will obviously act as resistances during the technical bounce that we may see next. AND I SAID "MAY SEE" because so far there's not a single sign of bullish support on Sinewave and neither on Momentum. Finally we can add the "BEAR TREND" confirmation that showed up when things started to get a little nastier ! Which means that until we manage to break a resistance, we're still bearish in terms of probabilities. Anyway I still think that a pullback is highly probable, but I'll use it to find a short entry...
From a technical prospective, it's possible to short any of these resistances if a Sinewave + Momentum signal shows up under them. It remains bearish until we remain below the resistance that materialized the bearish trend ignition... and that's at 18400... Which is also 76,4% retracement of the whole bear move..
CONCLUSION : Bulls have now hell of job to do in order to restore the trend that has now switched to neutral (before going bearish if we fail to reverse the H1 current trend) If they fail I think the next bearish trend cycle will be a lot more agressive and will potentially drive a market krash. But that's too early to speculate at this stage. All I can tell is that this thing is no longer bullish right now and after such a rally, searching shorts is certainly the best option now. But still remaining cautious and not shorting nowhere without signals..
Hope this idea will inspire some of you ! Don't forget to hit the like/follow button if you feel like this post deserves it ;) You can check my indicators via my TradingView's Profile : @PRO_Indicators
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Bullish retracement is taking place as expected. First resistance is broken, no signals for now. Wait & See mode until we reach out the next level near 17100
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Moving forward step by step ! We now have a potential short term buy signal : WHAT DOES THAT MEAN ? firstly : there's no point selling right now.. unless Sinewave shows a BREAK signal secondly : this tends to confirm prices to head toward the highlighted potential short zone.. If this is the case, and if short signals appears in this zone.. I'll update and tell you if I short...
Did you check the buy walls on all these big exchanges? Do you even know that there is Segwit2x scheduled on 28 Dec? It's not bullish? You can't be serious. Here check this:
Slaturbanowi4
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@fakhan, Is it possible that no one cares anymore about the forks?
Jefe
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@Slaturbanowi4, I find that hard to believe. It's all people are talking about everywhere.
Slaturbanowi4
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@fakhan, I noticed exact the opposite. The enthusiasm is kept in its limit this as I've noticed. Propably I'm wrong, but this time something is different. As the last times forks were announced bitcoin got almost instantly pumped, which is not the case with 2x. Maybe it'll change in the next days.
Jefe
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@Slaturbanowi4, Well Segwit2x was kind of resurrected suddenly and not many people know about it. I told some of my clients and they were surprised. The fork will happen on 28th. We can see a spike in price in the next two days. Segwit2x is a very big deal I don't know why many people don't know about it. Segwit2x could potential get rid of Bitcoin and make it Bitcoin Classic with a new price and the new coin will become Bitcoin with the same price.
Slaturbanowi4
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@fakhan, interesting, thanks for sharing your point of view! So it is possible that the btc pump will take place in the next days? Btw I sold 50% of my IOTAs a few days ago and now I'm looking to get back in. At the momemt IOTA is following btc, but because of the pump it could drop even more, right?
emmanuelmwenya87
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@fakhan, i am new to Crypto. Please i would like to know if all bitcoin holders at the time of the fork on 28 Dec 2017 will benefit from the fork regardless of the wallet and exchange one is using?
@emmanuelmwenya87, To be honnest as a professional investor the only advice I can give you is that trading cryptos should NEVER exceed more that 10% of your total assets. It's highly speculative and could crash in a single day... I'll be OK to risk 10%... but to be honest at this point, I already closed my wallet, took profits and now looking for potential shorts. I'll regain interest for cryptos when we will have fucked up all the noob investors that think they'll be rich with easy money ! Simply because that's not how investing works... Trading the bubble is rewarding only to those who enter early and are lucid enough to get out when the time comes... We may have reached this shifting point. So my only advice would be to invest accordingly to the increasing risk... Reducing exposure, and wait for better prices to regain strength. You might miss the next rally... but who cares.. Investing is not a one shot call...
emmanuelmwenya87
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@PRO_Indicators, thanks for the advice. i have been taking some profits from BTC and ETH. Can i inbox you?
PRO_Indicators
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@emmanuelmwenya87, If you took partial profits and are out of any potential loss then there's no more I could tell you !
This is the only reliable posture to have right now. Wait & see. Those who risks to be fu**ed up are the one that overspeculate and use leveraged positions with tons of cheap credit.
Cause if we head to krash these ones will be ruined and there's quite some odds to see that happen cause basically that what happened in every single speculative bubble !