Bitcoin BTCUSD - Fibonacci Levels Warning. Retrace Possible
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Yes, I'm excited about the rally, and it feels like a new bubble is ramping up (media attention, people coming out of the woodwork asking me about bitcoin, flood of new users on r/bitcoin etc).
BUT BE CAREFUL.
I'm not posting this to scare people into a crash, I'm just pointing out that if we are going to see a major retrace, many signs are pointing to it happening soon.
Take a look at the fibonacci levels and what has typically happened when we reach a new one. We're right at a new level right now, the stochastic is maxed out, we're getting RSI warnings, and we haven't had a major retrace in weeks.
I think it would be healthy to test the last fib level, which would also test the previous high. It would shake out a lot of new/weak hands and set us up nicely to continue a solid uptrend.
BUT BE CAREFUL.
I'm not posting this to scare people into a crash, I'm just pointing out that if we are going to see a major retrace, many signs are pointing to it happening soon.
Take a look at the fibonacci levels and what has typically happened when we reach a new one. We're right at a new level right now, the stochastic is maxed out, we're getting RSI warnings, and we haven't had a major retrace in weeks.
I think it would be healthy to test the last fib level, which would also test the previous high. It would shake out a lot of new/weak hands and set us up nicely to continue a solid uptrend.
Uwaga
We also may have a double top on Bitstamp and Coinbase:Uwaga
BTW guys - just want to make it clear that I'm NOT suggesting a short here, BTC is too unpredictable for that and we're probably still right at the start of a bubble. It could stay irrational and just keep going up and up despite technicals. Just want people to be prepared if it does follow previous patterns. Probably not a great time for a large long position right now, but I wouldn't go selling all of your coins either. A better idea would be to get ready to buy more on the dip if you've got funds ;)Uwaga
Also, for all I know that may be a cup & handle forming instead of a double top! We'll just have to see
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