Bitcoin Pump over, now were on the Dump
Updated
Fundamental Analysis
Oh wait there are no fundamentals to justify the amount bitcoin has increased, just a bunch of people buying hoping bitcoin will go to a million so they can buy a Lamborghini.
Technical Analysis
Broke trend is a potential sell signal. Bearish Engulfing Candle confirms trend break sell signal. Additional downside confirmation of bearish engulfing candle. RSI overbought at levels of December 2017. Looks like a solid topping pattern, similar to December 2017. Confirmation is when we break solidly below 10500. It finished the 5 Elliott waves cycle.
I don't believe it will crash as fast as it went up, I believe it will be similar to the previous crash from 19k to 3k. The people who make money on this got in early enough to the pump and sell.
Oh wait there are no fundamentals to justify the amount bitcoin has increased, just a bunch of people buying hoping bitcoin will go to a million so they can buy a Lamborghini.
Technical Analysis
Broke trend is a potential sell signal. Bearish Engulfing Candle confirms trend break sell signal. Additional downside confirmation of bearish engulfing candle. RSI overbought at levels of December 2017. Looks like a solid topping pattern, similar to December 2017. Confirmation is when we break solidly below 10500. It finished the 5 Elliott waves cycle.
I don't believe it will crash as fast as it went up, I believe it will be similar to the previous crash from 19k to 3k. The people who make money on this got in early enough to the pump and sell.
Note
The Bitcoin bulls claim that their will only be 21 million bitcoin and that this makes bitcoin scarce is not true because there is no limit on the amount of other crypto currencies that can be created such as litecoin which have the same qualities and are even better than bitcoin.
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