Bitcoin Chart Has An Amazing Setup But Should Hold At This Point
The Bitcoin chart has an amazing look. So far, Bitcoin has respected its uptrend which may sound surprising to many people who are ‘shocked’ about the recent crash. Fear not, though, because, so far, Bitcoin is still in an uptrend but current price levels should hold, this is why.
We know as a fact that a lot of investors became greedy at the end of last year. Almost on the day of the major top, on December 30th, we published this article Ripple Rises 10-Fold In One Month. Cryptoccurencies Setting A Major Intermediate Top? in which we made the point that cryptocurrencies were topping. We wrote this:
This is a time to offload because this is an extreme peak. We believe Ripple is setting an extreme peak today.
After a 10-fold rise it is time to get defensive now, ideally sell your initial capital so you can keep all crypto for free, riskless. That is how to manage your portfolio, especially an extremely volatile asset like crypto.
As Ripple is rising so hard we believe this could be a major though intermediate top. We saw exactly the same pattern in the first half of this year: first Bitcoin up sharply, then most altcoins with Ripple lagging behind, then Ripple rising strongly. It got followed by a mini-crash in all cryptocurrencies.
We believe the same is happening now. This is NOT a time to get offensive, you sell in strength and buy in weakness.
We also made the point about Bitcoin Typically Crashing Mid-January, so negative seasonality effects were about to kick in, and it was clear upfront.
Very recently, we looked at several top cryptocurrency charts, in Bitcoin, Ethereum, Litecoin: Concerning or Exciting?, and concluded that selling might be over.
The latest and greatest Bitcoin chart looks awesome at this point provided current price levels hold strong. We are about to fire a strong BUY signal to the cryptocurrency investors which subscribed to our blockchain investing research service, subscribe to get our alerts as well.
We still strongly believe that the Bitcoin Price Forecast Of 160,000 USD is realistic. We will become very excited if Bitcoin’s trendline annotated in red on below chart holds strong. In all honesty, if that were to happen, ‘excited’ would be an understatement, notes InvestingHaven’s research team.
(Click on image to enlarge)
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Crypto Currencies is a real risk/reward trade, like the DotCom era. I've been following BTC and I realize now after the fact that BTC flew up to $20K because the other CC's required you to first buy Bitcoin to exchange in ICO of new CC. I think this the 2nd wave on BTC here on the monthly, healthy -80% retrace then onwards and up for next wave.
Makes sense.