BTC Update!
How high can the ETF Hype/FOMO pump us?
That's really the question. Lots of FOMO occurring this week so lots of gains for those who have been patiently trading the market in 2018. But is it justified?
If an ETF is approved, then absolutely this will all work out just fine. Do I think an ETF gets approved? No. Maybe I'm now in the minority on this because a few articles have come out claiming 90% chance its approved by some anonymous or unknown sources. Media is hyping things up again and kicking the FOMO up another notch. Quite similar to how things started end of 2017. This certainly won't stop me from riding the wave of course but will continue to be extremely careful of my positions and recognize IF an ETF is denied, be prepared for one of the most epic sell offs out there. Everyone has been dumping alts and FOMOing into BTC. I did fill my last sell from most recent trade over night and am back comfortably in cash. Unfortunate since currently we are climbing higher but quite ok with profit taking again.
Yesterdays charts we were watching the double top at $7780 and saw some very brief sideways actions where BTC put in its new lower high at $7628 before running up towards $8k. Another extremely short pause and up again. So moving on to next resistance areas, weekly 50 MA and $8600 after that. Weekly 50 MA sitting right around $8400 (about to test now) or so and that will be where I am watching next personally to see if BTC can get and stay above there.
Weekly chart - continues within same pattern with a solid move off our most recent lows. $9948 is the lower high to beat. ETF approval and absolutely will expect that to be taken out. I don't know if the strength is there to get above it prior to an ETF announcement but plenty of time for bulls to work towards it.
Daily - definitely over extended with RSI at highs of 2018 now but as we saw in 2017, thats what FOMO can do to a younger market. Great while on the wave but last year a lot forgot to get off and experienced the crash as well. We can certainly hope it's different this time and ETF approval can certainly do a lot to change that.
4 Hour - higher low to watch is down at $7628, definitely over extended but it did get RSI cooled off some when we consolidated before down to $7200.
These times are definitely fun to be around tho but will continue to be happy profit taking and I am personally watching some Alts very closely. So many are at all time lows for 2018 Sats value wise and that is where we can see some great pumps if an alt rally can get going once people begin profit taking and exiting BTC positions. For now, here's to hoping for an ETF approval as far easier for all of us to make profits in a bull market if we aren't shorting the bear one.
Just My 2 Sats!
