Hello viewers! I decided to do some risk/reward analysis based on my perspective of Bitcoin.
If BTC forms the 5k top as I might imagine happens, this is an 11% upside to the BTC market. BTC right now is retesting the market highs, trying to break-out to new highs. It is looking much like it should break-out. If the break-out does not occur, expect a hefty pull back as the market dips to find support.
Such a retest of support could dip further than the previous low formed at 3,600, so I pegged the risk at 3,400.
This all said, I am still favoring the upside given how this rally worked and how the chart is looking. The breakout should occur before Sept. 10, 2017.
The risk / reward here is not amazing if we think the top is 5k on any sort of rally. What is so bullish about Bitcoin, I think, is that outside capital seems willing to price support it, and there seems to be this prophetic hype about it reaching 13,000 next year. I think this is kind of silly even if it hits that level, but at the same time, that type of hype can certainly price support the coin for moves higher.
There are a lot of people who do not own bitcoin, but want to own it, or want to own more of it, especially on dips.