Bitcoin has rallied back further than I thought it would, but it is now in a way overbought situation, imho.

First, look at a 2day chart:

As you can see it is not only WAY over the 5th arc pair, it is almost at the end of setup.  It is simply a scary proposition to hold btc here, imho.

But lets look also at the 4 hour chart:

The 4 hour chart is at a 3rd arc pair.  This is a sell signal on the 4 hour chart.

BTC could, of course, surprise me by taking off for the moon as some have suggested ($15,000 btc anyone?).  But at the very least I would suggest taking some money off the table here.  The risk of correction is pretty darn high…

Remember:  The author is a trader who is subject to all manner of error in judgment.  Do your own research, and be prepared to take full responsibility for your own trades.


Get free weekly updates sent to your email inbox by subscribing for our newsletter.

Categories: Bitcoin


paul tighe · October 12, 2017 at 1:41 am


and welcome back! 😉

    Jim · October 12, 2017 at 5:52 pm

    I’ve been busy, but thanks 🙂

paul tighe · October 12, 2017 at 2:05 am

anyone any calls on support levels if it dips?

Leave a Reply

Your email address will not be published. Required fields are marked *

x Shield Logo
This Site Is Protected By
The Shield →