Bitcoin and Bitcoin cash analysis (#11)

Bulls drove Bitcoin into parabolic roller coaster up-drive.  CME futures hawks start to fly over the market. Everything just turn almost irational

Bitcoin price goes wild, it is in parabolic uptrend. It is far above 90 moving average. RSI is in overbought state and MACD is fare from center line and climbing. It look that analysis becoming irrelevant and almost impossible. In my previous analysis #10 i predict that in beginning of December Bitcoin will break $10k barrier and hike towards $11k mark. Fibonacci levels had not let me down, but Fibonacci is useless in predicting pullbacks in this euphoric bull stampede. The herd just run and smash everything on its way. This roller-coaster is driving wild uphill and people are euphoric riding it. They don'n read signs on side and on one of them there is a post: "Attention CME futures!".

Psychology of the markets tell us that futures is a perfect instrument to drive market down. Hawks will collect tears and sorrow when roller-coaster will run over the top. Fear will strike and hawks will turn tears into their profits.

It's time to become careful and start to think about jump off this roller-coaster. Greed must not rule our minds. We should resign, enjoy to be safe and wait for Christmas.

Bitcoin cash is forming triangle with divergence on RSI and MACD indicators. Correction to $1000 level is very likely. I think that is Bitcoin cash just another not so successful fork experiment. For awhile I will take it off the radar.

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Image sources: Investing.com

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