Honestly I am not sure what to think of Bitcoin anymore at this point. The rise we have seen this year has been insane and bitcoin seems to be going parabolic, which is why I have personally started cashing out because this is starting to look more and more like the 2013 bubble, or any bubble for that matter. I've seen posts of people taking out loans to buy bitcoin at all time high prices, non-internet parents getting involved, etc. I feel like these are the signs for me to indicate that there is infact a bubble and we are coming near the end of it (Greed phase).
However, I may be completely wrong and perhaps this is only the start of an economy changing bull rally and people have every right to believe so, considering bitcoin is currently at a 0.3 trln marketcap while other markets such as gold, real estate, stocks, etc. have a combined marketcap of 372 trln.
Anyway, from a TA point of view I have drawn some lines for about 4 scenarios which I believe can occur.
Scenario 1 (cyan arrow): We will continue to go parabolic with minor to pretty much no corrections.
Scenario 2 (red arrow): An incident (or whales/many people taking profit) could trigger a crash all the way back down to ~4000 or lower.
Scenario 3 (blue arrow): A correction will happen in the next week or so before we continue our parabolic movement.
Scenario 3.2 (purple arrow): A correction will happen followed by a bull trap/double top, after which we'll crash down to ~4000 or lower.
Scenario 4 (brown/dark red arrow): Nothing major happens and we will continue to rise in the pitchfork channel.
Though knowing Bitcoin, perhaps nothing similar to any of these scenarios will happen and I will be completely mind blown when I look back at this chart in a month...
Of course all of this is simply my opinion and I'm not experienced whatsoever in this field so feel free to take my chart and opinions with a grain of salt and always do research yourself before executing a trade.
However, I may be completely wrong and perhaps this is only the start of an economy changing bull rally and people have every right to believe so, considering bitcoin is currently at a 0.3 trln marketcap while other markets such as gold, real estate, stocks, etc. have a combined marketcap of 372 trln.
Anyway, from a TA point of view I have drawn some lines for about 4 scenarios which I believe can occur.
Scenario 1 (cyan arrow): We will continue to go parabolic with minor to pretty much no corrections.
Scenario 2 (red arrow): An incident (or whales/many people taking profit) could trigger a crash all the way back down to ~4000 or lower.
Scenario 3 (blue arrow): A correction will happen in the next week or so before we continue our parabolic movement.
Scenario 3.2 (purple arrow): A correction will happen followed by a bull trap/double top, after which we'll crash down to ~4000 or lower.
Scenario 4 (brown/dark red arrow): Nothing major happens and we will continue to rise in the pitchfork channel.
Though knowing Bitcoin, perhaps nothing similar to any of these scenarios will happen and I will be completely mind blown when I look back at this chart in a month...
Of course all of this is simply my opinion and I'm not experienced whatsoever in this field so feel free to take my chart and opinions with a grain of salt and always do research yourself before executing a trade.
Comment:
If we go below 16k here we will be going down a lot more, looks like BTC has been stopped for now by a major fib resistance
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If we go below 16k here we will be going down a lot more, looks like BTC has been stopped for now by a major fib resistance
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Makes me wonder what will happen now that we've crossed $10000 and going up to $11000 even...