Bitcoin had a wonderful 50% run-up from the 6.4k low. It is great to think bitcoin is back on it's feet and looking healthy. However, this run up can't last forever. When will it end? From a technical point of view, I see this as a profit taking opportunity. We are currently sitting right under the $9.3k resistance. We had a brief break out above it, but it quickly got rejected. we are seeing a retest of this level, and I don't think it'll hold up. The MacD is a momentum indicator and on the daily chart it is almost crossing to the downside indicating a possible retrace. Once the black 20 SMA breaks I will feel more confident about the retrace. For bulls, we want to see a break of 9.8k. For bears, a break below the 20 SMA. 90% of people lose money in this market, that's because 90% of people react on emotions. When things look good they buy, and when things look bad they sell. You want to think the opposite of the herd. At the very least, right now is not the best time to buy. We are looking for a pull back. If it does happen to break out above 9.8k. My Idea becomes invalidated. Happy trading!
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
