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.
It's been a really nice alt coin rally while BTC has seemed to solidify. I think you're right on the break out higher and have found it really interesting more MSM outlets have been calling for a much higher BTC price. I know Goldman has turned very bullish over the last several months, which usually is the kiss of death, lol, but we will see. If a pullback in BTC does happen, I wonder how it will affect the alt's moving forward.
It's capitulation on the analyst's part I think . Something keeps going up and they look dumb if their price targets are neutral or negative.
BTC has consolidated really nicely over the last 2 weeks. All the attempted selloffs have been met with support at volume. I think the fundamentals and technicals are very bullish at the moment and a decisive break through to a new all time high is possibly only days away.
I am also looking for $5K as a target. Downside risk appears limited in the short term.
I'm enjoying the sideways movement. Easy money on the alt coin market.
Insane time ahead caution Bitcoin Ride about to explode :D
I have some bitcoin till now i gain some profit from them hope it goes high in future.
Its been a steady wall just about all day long but the sell orders seem to be getting eaten up I have a feeling by looking at this we are in for a breakout again within the next week.
Looks like we're getting a breakout
Sneeky institutional/hedgefund investors are most definitely buying on the dips from weak hands i.e. the average Joe who's been in the market for the past 2 years or so that thinks they need to be taking profits because bitcoin can't keep going up.
The smart money (who are a little late to the party) know for sure that trying to get cheap BTC from some sort of crash is looking less likely, so better to take an initial position and if a mini crash comes along to then buy up, but all they're getting at the moment is dips!
Well... the higher it goes the more likely it seems to me it could go down. Especially since the next phase of the market in the parabolic move is the much anticipated straight line up.
The day that the investing timeframe collapses to zero and it is like a big-bang for bitcoin because without time there is no x dimension to the price.
Looks like your graphic is not working
Should be, it's a steemit hosting though so maybe something with that.
nice post
Nice insight @crypto-investor at this time you either make alot or loose alot :P
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god bless you.