Gentlemen, folks, traders, friends. As I am writing this, we're getting a lot of movement in BTC right now. the last couple posts I have made have gone over how I really think this rally is unstainable. Seems I a little to early to that party. But the crypto market in general just isn't throwing off moon signals yet along with some other indicators. We made plenty of money on this rise, on eth's rise and ltc's rise. Remember, it's not about being perfect in the market or calling tops or bottoms. it's about mitigating your risk and preserving your profits.
Without further ado, lets get to it. The main point I want to make is that we're at a really critical stage right now. If we break down at this Curve and trend line, we're going down in a major way. first take a look at the previous moves up, see how we made higher highs in the market, but this time we are making a lower high? this could be a big indication that we've topped. The next is RSI is on another major divergence. What this tells us is a move down is not unwarranted, however we know from past experiences that it could void out here. MACD doesn't look to strong either.
A solid break of these lines in either direction will let us know where we are going next. Either down or up. I think we'll go down, but it's possible we continue higher as well.
Best of luck trading and hodling,
-Sherem
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Previous updates -
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Solid daily close right in this area. If we get a push down and close below 10,500, it most likely indicates more downside.
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Trendline broken. Parabola Broken. Last support is 10,500 which looks like it will break. We'll head down after that. We'll get some bounces at different places but ultimately we'll head down to our buy zone in the 5-6k area, Somewhere in there.
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Down we go!
Some bounce plays at 8k if you want to catch a falling knife. Trade with caution.
Aaaaaaand... The Prophet (Profit?) nails it again! Thanks Sherem I had my itchy finger on the sell button ever since you posted this. Even when everyone else was calling for 50k.
nothing new here, all you have to do is plot the stock to flow ratio based price and then draw random parabolas to fit that price. since the S:F correlation now is .95, that's all you really need. We could easily have a double bubble for this halvening as well. HIt 100k, "crash", then hit 300k. There is no telling what is sustainable, but I do know one thing: the advance so far has been very controlled with algos buying and selling off on MA's/crosses, Fib lines, RSI's and other pre-programmed strategies. There is a LOT of money in alts that can spill into btc and therefore all that must be included in the possible btc potential price action. Fundamentals: there are lot of new players in this game now and we don't know how they will play the game. Institutional hodlers? scarcity can drive up btc price extremely fast and arbitrarily if big money enters.