Cryptocurrencies

Bitcoin Pushes Toward 10K While Price Gets Overextended

Just a couple hundred points away from the big 10k.   Will it get there?  At this point it may be a self-fulfilling prophecy, but what I’m more considered about is the state of price action when it gets there.

Running to the Top of the Hill

Bitcoin has made an aggressive more higher to get near 10K and is a bit overextended as price has pulled away from the 10 day moving average (my favorite little gauge).   This doesn’t mean price cannot rip higher and go through 10K to whatever moon you are seeking.

What it does mean is that anyone buying right now is chasing.  Possibly even FOMO’ing.   Can it still work out positively, sure it can.  Are the probabilities in one’s favor entering right now?  Probably not.

It will be interesting to see what happens when price pushes through 10K.  Personally I am hoping it rips through 10K hard and fast toward the mid 10’s and gives me a nice reversal top to sell a chunk and then buy back below 10k as it shakes the faith of buyers.

Not sure if we get that kind of move though, they don’t seem to be happening much anymore like they did in 2017/2018.

Anyway, I’m gonna enjoy the ride either way as I hold my moon bag amongst my trading positions.

Related posts

Bitcoin: Support Becomes Resistance

scaredycatguide

Crypto Contest July 7: Digitex Futures

Markus Aarnio

Crypto Contest July 2: Standard Tokenization Protocol

Markus Aarnio

Get involved!

Comments

No comments yet
Skip to toolbar