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RE: Bitcoin Rally Possibly Exhausted.
I completely agree. I’ve been warning investors of the same thing for the last few weeks. Each rally attracts fewer and fewer buyers. We need new money to enter the market. That’s not likely to happen until there's clear regulatory guidelines. Once that happens, we’re likely to see a bull run that’ll dwarf 2017. Until then, big money is sitting on the sidelines waiting for the rules before playing the game.
Yeah, maybe the G20 financial task force will throw a little clarity this month, maybe.
To me this move is looking a lot like that move:
Thoughts?
I think many investors are waiting for the G-20 meeting on the 20th. Should we get some regulatory clarity, it may result in new money entering the market...or not. We'll see what they say.
I do see similarities between the 2 moves you've displayed...but the second is more impulsive. It was also able to break past a major descending resistance line that had been in place since December's highs.
That said, we aren't seeing the volume required to sustain it. We should know very shortly if this latest rise has any legs. If it's able to decisively break above the $6,800 resistance, I think we'll see at least $7,500-$7,700. If not, we may just see a repeat of the pattern you outlined above.
If your interested, I covered all of this and more in yesterday's update:
https://steemit.com/cryptocurrency/@workin2005/technical-analysis-on-bitcoin-all-eyes-on-usd6-800-resistance
Good points, going to read your update, thanks!