Bitcoin Hits New All Time High - Looking to Test $5,000
Well, we all are having a fun morning with Papa Bitcoin hitting a new ATH at $4,657! This is almost $200 higher (almost 4.5%) than the previous at $4,470.
According to our Fibonacci retracement levels, we are now looking at a target around the $5,000 psychological. This may take a bit longer than indicated in my chart, however. I believe we will see a slight correction to test the support of the new support from prior ATH, and then could potentially see the head up.
The move this morning showed plenty of bull volume, the most amount since prior to the previous ATH. This should be indicating plenty of bulls waiting on the sides who are now ready to jump in from a blue sky breakout into untested resistances. The bitcoin bubble should still have plenty of momentum leftover as it makes its way up closer to the $5k mark.
It was the pop we were waiting for.
It was a big move so another breather wouldnt be surprising. The market did give back $100 from the high so many were scalping.
I think the breakout was an opportunity for many to add to their positions. I know a lot were looking for a pullback to the 3900-4000 range which didnt come.
It will. I am super confident (especially now being unbiased and all in cash) that we will see a big big pull back which will ultimately last longer than the "boom". It'll be similar to the 2014 pullback. There is NOTHING superior to btc over other cryptos besides it's name. Market trading realism says this can't sustain. Ultimately I wouldn't be surprised if there was a pullback all the way back down to $1,300-$1,500 where we'll see long term consolidation.
I can see that although I see the frenzy pushing this up to $6000 before anything like a reversal happens.
I took this opportunity to add to my LTC position this morning (also got myself a starter position in steem).
It we get to the $5000 before another rest, I might look to convert the profits to steem.
I think Bitcoin is just getting started for the run. It will level off at $5k but it will be short lived. As interest grows in the cryptos there will be more interest Especially when the MSM gets to say that Bitcoin has hit $5k...Then after that the run to $10k is on!
Anything is possible! What's making you think that?