Bitcoin - Time to be fearful
The buying frenzy in Bitcoin, just continues to push it higher and higher. There is no time to correct properly. The rally is now close to being vertical, which isn't a good thing.
I was look for this rally to may extend to 10,768 and here we are. However, the extreme buying frenzy could push Bitcoin into the 11,073 - 11,627 area, but it's time to become fearful and take a contrarian approach.
Yesterday the Danish news ran a story about a mom, that had bought Bitcoin from her son's savings account. I'm not saying it's not a good investment, but that is a sign to me, to become very fearful.
A break below minor support at 9,848 will indicate that wave (3) has peaked and wave (4) towards at least 6,700 is developing.
As wave (2) was a deep zig-zag correction, we should expect a time-consuming and complex sideways correction in wave (4).
Tighten up your stops!
I was look for this rally to may extend to 10,768 and here we are. However, the extreme buying frenzy could push Bitcoin into the 11,073 - 11,627 area, but it's time to become fearful and take a contrarian approach.
Yesterday the Danish news ran a story about a mom, that had bought Bitcoin from her son's savings account. I'm not saying it's not a good investment, but that is a sign to me, to become very fearful.
A break below minor support at 9,848 will indicate that wave (3) has peaked and wave (4) towards at least 6,700 is developing.
As wave (2) was a deep zig-zag correction, we should expect a time-consuming and complex sideways correction in wave (4).
Tighten up your stops!
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