DrJLT

BTCUSD to trade sideways in consolidation?

BITSTAMP:BTCUSD   Bitcoin / Dollar
Yes, I've been talking about BTC going to 9k next Monday. => Now it appears that this isn't going to happen. The impact of futures market has been overstated only to pump the price up. However, upon reflection I realized that those big money guys who're now multi-millionaires and billionaires simply aren't going to let a major crash happen. Some correction to $13k is possible, but the resilience of BTC has been impressive.

Some other traders here mention there's bearish divergence -> well, at least on the daily time frame there's none (see chart). After recent sideways movement, the UO oscillator is finally under 70. More days trading in this range will allow it to go under 50 or even 40. That's where a breakout may happen.

Yes, this is crazy & overbought, but probably not a good idea to short bitcoin .

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Kommentar: When new tether is added, there's usually a bump in price. People also tend to move money from alts to BTC to profit from this. Interesting to see how it develops this time.
Kommentar: After the small climb earlier, perhaps BTC is now in distribution mode, meaning alts may be heading up.
Kommentar: By the end of Sunday, I think we can expect BTC to be around $20k already. If it reaches this target early (e.g. early Sunday morning), alts will have a rally.
25 ;-)
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Thanks For The Update
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DrJLT Doc-al-Citadel
@qdoc, actually it's probably a bit late :) just noticed that they've already come up. I wasn't looking
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@DrJLT, good for me. I hold a tiny bit of btc for liquidity and as a hedge. But nice to know how the BiTItaniC is doing ;-) ps I'm not expecting any icebergs for a year or two but let's see...
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learned the lesson of shorting BTC before... will never do it again... I guess that the golden rule of trading BTC is to buy the dip and just freaking hold on it...
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DrJLT lzlkenshin
@lzlkenshin, Good thing about BTC is that you can trade with it to chase quicker gains whenever appropriate and avoid fiat altogether.
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It goes a bit deeper I think. It's all an effort to increase the total market cap brother ;-)
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DrJLT Doc-al-Citadel
@qdoc, regardless of the intention, that's the effect :)
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@DrJLT, no worries doc thought a deep thinker like u would like an insight ;-)
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Doc-al-Citadel Doc-al-Citadel
@qdoc, i have a learned friend who also thought big crash coming but I don't see it. Fiat yes. Equities yes. Crypto no. Not for a few years anyhew ;-)
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