BTC looks to be posting a reversal pattern and ending its wave 1 move. Usually we should anticipate a 50%-61.8% correction of the move higher and that is where I see prices heading. This will be an important accumulation area where we likely range for a while. In this area we may see some decent opportunities to long beaten up Alts.
Be patient, better prices will come.
Follow me on Twitter:
AMZN has been in a volatile trading range for some time and it is now testing the upper end of the range, last time we had a sharp rejection after an initial break out.
Looking for AMZN to hold the breakout, possibly retest $1930 before propelling ahead to my TP targets marked in the charts.
Still a high risk...
Looking at the BTCUSD chart on Coinbase where most of the retail buyers purchase their Bitcoin. A few things become quite clear:
1) Huge volume near the all time highs. The huge surge in interest and popularity resulted in retail buys of Bitcoin at inflated prices. If you look at other charts from more professional trading exchanges the volume is much lower.