Retrace to 55 day EMA is imminent, take some profits
Here were looking at the macro 2017 bitcoin trend on a 3D chart...What a year!!
Definitely getting close to the euphoria phase, and with Bitcoin Gold fork upon us there is a possibility for a dump as most retail investors will be out of touch with the hard fork news (aka new money with weak hands). For 2016 we've seen ~2 month rallies before retracements on this crazy parabolic trend, and as traders we can't get caught up in the psychology of the market as the prices are at this level.
Since 6k hit I've had more co-workers and friends asking about BTC, more news, "digital currency" IRA commercials etc and that to me is a sign of "new paradigm!!!" = I'm happy taking some profits at this level (key word "some"), I want to keep a healthy amount of BTC to buy into altcoin uptrends. Next move is to set buy orders to BTFD and buy a steak before our next leg up to 7k and beyond.
Definitely getting close to the euphoria phase, and with Bitcoin Gold fork upon us there is a possibility for a dump as most retail investors will be out of touch with the hard fork news (aka new money with weak hands). For 2016 we've seen ~2 month rallies before retracements on this crazy parabolic trend, and as traders we can't get caught up in the psychology of the market as the prices are at this level.
Since 6k hit I've had more co-workers and friends asking about BTC, more news, "digital currency" IRA commercials etc and that to me is a sign of "new paradigm!!!" = I'm happy taking some profits at this level (key word "some"), I want to keep a healthy amount of BTC to buy into altcoin uptrends. Next move is to set buy orders to BTFD and buy a steak before our next leg up to 7k and beyond.
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