BTC playing at the top of the bullish channel
Updated
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There has been substantially more volume during major dumps, suggesting more people buy the dip early and sell the pump late. This indicates the long term bull rally is still healthy. There should be enough steam to push to 1500 EUR but BTC is very overextended into longs, artificially pumped by the Bitfinex fiat liquidity problems, and receiving major market share pressure by altcoins. Its likely time for a major correction. We will probably find out during this weekend.
Looking to sell near the 1500 EUR region and hopefully buy back near the previous high below 1225 to 1100.
Taking into consideration that when all that altcoin pump money decides they want to cash out its more likely to do so into BTC than into fiat. Stagger your buys on the way down, this correction is likely to be way smaller than the two previous ones.
There has been substantially more volume during major dumps, suggesting more people buy the dip early and sell the pump late. This indicates the long term bull rally is still healthy. There should be enough steam to push to 1500 EUR but BTC is very overextended into longs, artificially pumped by the Bitfinex fiat liquidity problems, and receiving major market share pressure by altcoins. Its likely time for a major correction. We will probably find out during this weekend.
Looking to sell near the 1500 EUR region and hopefully buy back near the previous high below 1225 to 1100.
Taking into consideration that when all that altcoin pump money decides they want to cash out its more likely to do so into BTC than into fiat. Stagger your buys on the way down, this correction is likely to be way smaller than the two previous ones.
Note
BTC rallying up to 1440 EUR. The entry zone for the short is the 1500 area. For those long right now, KEEP your long, just place a trailing stop loss with a wide spread like 50 EUR or so.Do NOT enter the short until after BTC shows weakness or you can get burned.
Note
At short target, there is no use selling long or shorting here too quickly, play it cool and just set a stop loss at 1450 or something like that.Note
Pull up stop loss to 1550 EUR and let it ride, if BTC is willing to pierce the top of the channel it would be foolish for a trader not to follow. Just keep in mind that this is rallying up from the 850 EUR bottom, and while I would very much enjoy a BTC moonshot reality is this pump is way overextended, and once the altcoin dump juice runs out... just be ready.
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