BITCOIN (BTC) Update: When to BUY & When to SELL? When to be Greedy & When to be Fearful?
SUMMARY
For tonight, the chart below delivers a poignant message: Now is NOT the time to be taking BUYING actions but rather Profit SELL actions.
Take a look at the below chart of Bitcoin (BTC). Using just the MACD indicator, when would you consider to be the ideal buying levels? Would you agree that the green circled areas represent prime Buying opportunities? How about the ideal Profit Sell opportunities? Would you agree that the red circled areas represent such times? Which circled area would the current MACD level resemble? Believe it or not, most are saying that current situation resembles the green. This is because sentiment is giddy and at euphoric levels and greed masks our fears with impudence. The Oracle of Omaha once said: "Be Fearful when others are Greedy; be Greedy when Others are Fearful". Therefore the question we must answer is this: At this time, should we be fearful or greedy?
The sizable symmetrical triangle pattern outlined by the white lines is a bit unnerving. While prices can continue to $6,200 which represents the 1.618 Fibonacci point from the recent $3,000 bottom; I can't help but notice how stretched and how far reaching the current price level seems. The symmetrical triangle is also pointing upwards and this often bodes bearish implications. The point at which the white lines intersect is called the Apex and as prices approach this point, the need to resolve the pent up sentiment becomes stronger and stronger. If you stretch a rubber band farther and farther, that pent up energy will be released and often in a snap.
In situations like this, Technical Analysis helps a trader or an investor stand above emotions and calmly buy when others are at peak panic and sell before the crowd becomes drunk on greed. (Please consider viewing the video which has lots more details and ties in the analysis much better.)
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Excellent advice. Unfortunately I am away for the next few days so Ill have to sit this one out. Good luck to all who are playing it.
So are we nearing the point where we will top out and face the biggest crash in history, per your earlier elliot wave predictions? Or do you think we still have ways to go beyond $6000 before getting there?
good call !!
Wonderful information. Thanks for sharing.
As always thanks for the insight. Can you take a look at ETP when you have a chance?
Thank you @haejin.
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Haejin...can you do an update on NEO?
👍
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