I almost have forgotten how exciting was the Crypto market till this morning while watching BITCOIN reaching 7000 USD I really get shocked.
Honestly I was not expecting such an accelerated growth. I was prepared to find resistance till 6200 USD but I never thought would be so easy for BITCOIN to break it.
To tell you the truth I am feeling excited while worried at the same time :-)...Excited because finally we reached a significant milestone which is the "balcony" from which the whole market fell down abruptly on November.
Worried because it seems to me an unsustainable rise, frankly speaking... I would prefer instead some days of consolidation at the already broken resistance around 6200 USD...
This sort of explosive movements used to be a preamble of a bad drop... Actually, it looks like a Parabolic Curve Pattern which may indicate a long and paining correction for the people which is Panic Buying right now...and the correction used to range between 60 to 80% of the rise...
That's why I am not buying BITCOIN right now, it is super RISKY, because the drop can be faster than the rise...
Instead I am moving my Stop-Losses more or less regularly so I protect my investment and the profits I have done till now while BITCOIN was moving in a more predicted way.
Worth to say that RSI is reaching an enormous Overbought condition which is similar to the one obtained at the ATH of BITCOIN on November 2017...That was the start of the Bear Market.
Nevertheless, I have updated my Elliot Waves Plan:
5 consecutive candles on the daily does not allow me to conclude that wave 3 has finished, Zoom-in the daily chart at the highest level it looks like that:
8000 USD is possible but with some consolidation first... Wave 3 (rounded) is almost there, after that, a correction should come forming the 4th wave.
Stay safe and enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Hi @toofasteddie!
Your UA account score is currently 4.525 which ranks you at #1912 across all Steem accounts.
Your rank has improved 27 places in the last three days (old rank 1939).Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
In our last Algorithmic Curation Round, consisting of 215 contributions, your post is ranked at #17.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server
That's what I am asking myself also. When will it correct? I assumed that from $6,400 will get lower and consolidate, as you mentioned, but it amazed me with the levels it reached getting close to $7,000. I hope though that trend has reversed and it will slowly go towards new ATHs. I also have my intuition of a 2019 similar with 2017. Lets see what happens.
Will see man, at least we have some green numbers today ;-)
The fall from $6000 in November was kind of similar with its pump in regards of strength and surprised. It was probably the last time to buy Bitcoin at $3000.
I am damn happy now. Just remaining steem to kick start its own
Hehehe, step by step
Yes, it's been gloriously crazy again! Even I am now calling the market bullish, now that we have passed $6500.
And we're still rising, wow! Keep in mind none of this is 'new money'. It's almost entirely money that was waiting on the sidelines. New money is still going to come in whenthe media starts talking about Bitcoin again.
I do agree it's risky now.Better to wait for the dip and then BTFD. I am going to BTFD all the way up to 20K...and probably a bit beyond that.
Mixed feeling here too :) If btc somehow stabilizes I think the others will go up too. Lets hope so.
Posted using Partiko iOS
Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!