I don't think it makes sense to use normal TA on Bitcoin because it cannot be compared to any asset... except itself, so I've overlayed the early 2013 bubble (daily candles) on the current run (weekly). We'll peak on CME futures and then an exchange CEO will get kidnapped or something. I don't know. Nobody does. Good luck.
Still long as of my last linked trade:
Still long as of my last linked trade:
Comment:
I think there is potential for a reversal with the developing inverse head and shoulders formation. I would buy a retest of 3900 on Bitfinex, with a target of 5.8k. A daily close below 3700 would invalidate this and point to a test of 2500, which I would expect to be the bottom. A sustained price lower than that would likely put the majority of miners out of business, even those that benefit from large economies of scale such as Bitmain, who blew their rainy day fund on Bcash. This would set the ecosystem back several years.
