Are We Seeing A Blow Off Top in Bitcoin? It Might Not Matter
Bitcoin just did what many a coin have done before pulling back, but will this best actual pullback substantially?
Blow Off Top
Take a look at the daily chart below. In its current state this is what I call a blow off top.
BTC spiked up to 19,400 only to come crashing back down to 16,000 and give us this huge candle with a large upper wick. That usually means a selloff is coming, however with the bitcoin futures going live Monday there is a lot of talk about people pricing that in and buying up BTC.
Thus, who knows if it will play out or not.
Zooming In...
Looking at the 30 minute chart you can see we spiked from 17k to 19,400 and back down to 17k in all of 30 minutes or so. That usually marks and exhaustion sell off (read: blow off top)
Additionally the 30 min chart has given us a 1-2-3 top pattern which is one of my favorites for its reliability.
Conclusion
We are going up over the long-term, but in the very near-term the chart looks bearish. However, that whole futures thing is throwing a wrench into reason so I'm just holding what I have and if we do pullback I will look to add some.
Some things I use:
- 1broker to trade stock and currency using my bitcoin
- Bitconnect to earn daily interest lending bitcoin (risky investment though)
Best Regards,
Disclaimer: All content in this post is my opinion and for informational purposes only.
Many eager people just waiting for the moment the perceived top arrives and will cash out as fast as possible to secure these massive profits. The quick jump (and cash out) at 19,000 hints at the future. Once profit taking begins to happen, bitcoin may fall like a rock as late-joining traders panic and try to follow the trend.
It's like watching two trains approaching each other and you know they're going to collide but they're still a few hundred yards away...
hard to fluctuate the price much... that's a loooooot of cash out to dump
"(...) throwing a wrench into reason (...) ", very well said! Thanks a lot for this incredible update on the phenomenon that is Bitcoin right now.
Namaste :)
I think it's choppy all next weel until cme goes up
bitcoin right Now ! :) ^^
Ah, I became a total scaredycat today and completely pulled my money out of all crypto. I'm a very new and nervous investor, and I have made 25% profit (which as someone who normally invests in real estate.... is amazing) . Being completely unsure about what is going to happen next... and having to travel all of next week I thought I'd just take a breather and relax and just enjoy the fact I've made some great profits.
I'm obviously already feeling so many feelings watching BTC get closer and closer to $19k... but I think I've made the right decision for me.
Maybe.
Well BTC is back below 16k as I type this so...thats the roller coaster :-) I invest in real estate too and blog about it on my scaredycatguide.com website. I have rentals and an just managing those of late as crypto has eaten up all my time.
Haha, it is a rollercoaster... it's looking like it might be a bit sketchy today as well.
I'm in the same boat... I've spent so much more time researching Crypto over the last month, I really should check up on those properties... but they just aren't as fun.