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.

 

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Categories: Bitcoin

3 Comments

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

thanks

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?

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