I almost have forgotten how exciting was the Crypto market till this morning while watching BITCOIN reaching 7000 USD I really get shocked.
Honestly I was not expecting such an accelerated growth. I was prepared to find resistance till 6200 USD but I never thought would be so easy for BITCOIN to break it.
To tell you the truth I am feeling excited while worried at the same time :-)…Excited because finally we reached a significant milestone which is the “balcony” from which the whole market fell down abruptly on November.
Worried because it seems to me an unsustainable rise, frankly speaking… I would prefer instead some days of consolidation at the already broken resistance around 6200 USD…
This sort of explosive movements used to be a preamble of a bad drop… Actually, it looks like a Parabolic Curve Pattern which may indicate a long and paining correction for the people which is Panic Buying right now…and the correction used to range between 60 to 80% of the rise…
That’s why I am not buying BITCOIN right now, it is super RISKY, because the drop can be faster than the rise…
Instead I am moving my Stop-Losses more or less regularly so I protect my investment and the profits I have done till now while BITCOIN was moving in a more predicted way.
Worth to say that RSI is reaching an enormous Overbought condition which is similar to the one obtained at the ATH of BITCOIN on November 2017…That was the start of the Bear Market.
Nevertheless, I have updated my Elliot Waves Plan:
5 consecutive candles on the daily does not allow me to conclude that wave 3 has finished, Zoom-in the daily chart at the highest level it looks like that:
8000 USD is possible but with some consolidation first… Wave 3 (rounded) is almost there, after that, a correction should come forming the 4th wave.
Stay safe and enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.