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Short

9750 Fibonacci top on BITCOIN

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Where is BITCOIN             headed?
Some of the forecast are suggesting that 10,000 might be just a dim and distant level looking back in a couple of years with the price heading to 100,000 and beyond.
No-one knows of course and everyone has an option. Is it here to stay? Is it in a bubble? How far can it go from current levels?
The answer to the first two questions is yes. Its here to stay and it is in a bubble. How far it can go from current levels we cannot say but its highly likely we'll see some reaction at 9750 as this is a significant Fibonacci level.
RSIm readings on BITCOIN             are as extended as possible with readings on the higher time frames over 95. This level of RSI is unsustainable and the question is will the current bubble burst or gently deflate.
If it gently deflates then we may see BITCOIN             move sideways once it reaches 9750 or it may burst and as BITCOIN             has a propensity for rapid falls, a sharp decline looks favourite.
It could of course ignore 9750 and head for 10000 and above.
I'll be SHORTING this pair at 9750 on signs of weakness but the market move could be quick so a SELL STOP below 9730 in we hit 9750 is suggested.

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