In the daily chart, Bitcoin is way overbought, as you can see by the MACD signal. And it is even breaking the upper trendline in a moon shoot kind of stile, which is impressive. Next target is $7,000 dollars.
I don´t know, but such a move, after a such an extended rally, with such overbought levels. I really don’t see how this could last past these week, I really don’t.
In a previous post, I said that I didn’t think it was worth pursuing it past the $6,000-dollar mark, even if it could hit the $7,000-dollar mark in the short term. And I still sustain that. When the correction comes, it should be a few thousand points, maybe to $5,000 or $4,000, we will see.
I’ll rather be out for now and wait for a deep correction to get back in. And if I missed the last $1,000 dollars of the rally, well, so be it.
The top rising trendline of Botcoin, as shown in the chart, was once a resistance line. Now that it has been clear, it has become sopport. If Bitcoin keeps declining the next couple of days it is going to hit this line at about the $6,700 USD mark. That could act as a short term support.
And with the Segwit 2X comming up next week, probably on Thursday, November 16 of this year. Then an expected scenario would be for Bitcoin to fall to the $6,700 mark, and then rise to new highs next week, and finally top out close to the $8,000 dollar mark.
That is the scenario that I’m expecting right now.
Good Luck in your decisions
Arvin_Darred
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The Segwit2 fork is the driving factor. Im in the same boat and waiting for it to hit 5000ish before jumping back in. Just sold at 7000, couldnt take the anxiety of holding it any longer. Im HOPING that the dip happens before the fork so we can get back in on what i would expect to be a monster rally.
Miru84
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@Arvin_Darred, I think it will. The fork is beeing priced way before because people want in. And the higher we go, the more probability that people will sell to secure the earning. Why risk everything with the fork if bitcoin is worth 7500 k? So we might see a last leg up this weekend, sunday maybe and then boom down.
And with the Segwit 2X comming up next week, probably on Thursday, November 16 of this year. Then an expected scenario would be for Bitcoin to fall to the $6,700 mark, and then rise to new highs next week, and finally top out close to the $8,000 dollar mark.
That is the scenario that I’m expecting right now.
Good Luck in your decisions