This rally was beyond expectations. After big dump of September 15th and following quick rise we all knew 5K had it coming. And becouse this is Bitcoin we also see 6K coming. But 7.5K? I personaly belive in 10K this year and 25K in the first monts of 2018, but this was just too much too fast.
Why I believe the correction is finally coming?
The good old RSI (relative strength index). With the exception of May 2017 Bitcoin falls dramatically after crossing 80. We are at 81.6 an hour ago.
The second reason is the bid ask wall. I looked at Bitfinex and it was cleat that at this time 7600 is a no go.
Some say correction will not come before the fork in mid November but I disagree. Most investors do not really care about that, it is too technical for them.
I know that time of Bitcoin is coming and news from China about canceling the ban on exchanges or Amazon confirming that they will accept Bitcoin (both of which is basically inevitable in near future) can change it but unless we see that, than I believe the long expected correction with price dropping near 5K within few days is here.
What do you guys think? Please let me know why you agree or disagree.
Disclaimer: Don't be an idiot and think for yourself. This is just my opinion, nothing more.