It is time to continue higher for BTC. Our next resistance will be just below All Time High, where we will have to work through a few times before clearing. If you want to see deep analysis as to why this is my way of thinking, here is my previous post:
I am going to keep this post short, because there really isn't much to explain. Review the above analysis to get a clear understanding of what is going on.
If BTC breaks below $10,600, I consider this invalidated.
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There were a lot of dummies using 25, 50 and 100x long leverage in this “pennant”. They have now all been liquidated. While we are above $11,100, it is of no concern.
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On high alert, I was not expecting this level to break. If it does, it potentially is not following my scenario.
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There are problems with what is going on with Bitcoin.
I do not have a clear read on exactly where we are going. And the rules I follow have been broken. The setup I had is no longer valid.
We should not have crossed below $11,100. I do not have a strong read on where we are going from here.
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This could be the signal alt-coins need to know Bitcoin is not going to continue parabolic growing right now. We may see a boost in the alt/btc market.
Cashing out at 20k, and then buying back in at 16k, seems to be a reasonable thing to do. My only fear, however, is if it gets to 20k, FOMO on steroids might kick in, pushing it to 30k or higher. It might be better just to hold. Maybe I will flip a coin at 20k. Lol
SecludedJ
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@kardia, I probably will not trade that moment in time.
Also, if this breaks below $11,100 I start getting nervous. So, keep that in mind. Below $11,100 is danger zone. Otherwise, a bright future ahead.
kardia
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@SecludedJ, there is negative correlation between BTC and USD. I'm not sure if you are trading the Forex market, but a strong selloff recently occurred with USD, which resulted in Bitcoin's price significantly increasing in value. It looks like the EURO may be changing direction, which has positive correlation with BTC. I think BTC could fall below $11,100. But if USD continues on its path down, it likely won't happen. And even if it does, it will probably be short lived and rebound even more strongly.
@SecludedJ, well, there you go. It's concerning to think that it could fall to such depths (again), but it won't be surprising if it does. A recession is underway, and possibly even a depression. Unfortunately, most people don't know this because they are being lied to.