I have been saying for months that we will head towards 10k this year and many have laughed.
Its incredible to me that people are still looking for some magic ABC correction - its just not coming yet.
The SME futures will drive a huge amount of liquidity to enter the market. i Recommend looking at what happened to gold and silver prices in the 2000s when trade adoption created a market for the commodity. The direction was up and it was some expansion.
BTC is now in price discovery mode and in my opinion it is crazy to try and take short positions and i strongly recommend against it unless for those other than highly experienced trades. Take profits and look to re enter when the market takes a pause. The trend is your friend.
In this incredible journey, we are likely to see some significant resistance at 10k for the simple fundamental reason that a lot of traders and investors are going to take some of their substantial profits. I have heard it directly from the horse's mouth that some of the top traders out there will sell significant amounts of their holdings at 10k. When this type of situation arises, it means that 10k will be difficult to achieve. So although this pennant breakout suggests 10.3k is achievable, i think a more realistic $9.5/6 fib extension mid term target is where i will look to take money off the table.
If we can consolidate at $9-10k then the assault on 20k begins.
Best,
filbiflb
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Break coming up. Coudl go wither way. Trade the triangle as usual.
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Just a little more please
交易结束：到达止损
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Another day, another $
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Not convinced in the upside as we are right now and i am out but if we do break up i expect something like this
Thoughts on the options coming in? I'm worried institutions will do some serious damage shorting BTC.
filbfilb
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@jack_denaut, anything is possible I suppose, but if the underlying demand is there then I’m not worried about it. When they come online I’m sure it will be very volitile. Sooner or later btc will not be as profitable for traders as it will be controlled by algos ina far more liquid market.. that’s what I’m most concerned about tbh! Let’s face it if the futures contracts came out and everything was massively shorted and nothing else changed in the traditional crypto markets, then I’m gonna want to know how to buy some of those futures contracts. Hopefully it will be self regulating.
Cant agree more , so many times iv tired to short the market only to buy back higher, lesson is , let the bull run. plus looking farword to cme and initutional investors joining in next year, should bring big money to the party. happy trading
@Asam, @filbfilb agreed!
BTC is the gateway to crypto. and will be unless its scaling issues bite it.
Does this strategy make sense. Hold BTC and only trade to usd if there are big negative changes to the crypto world. and only trade to other cryptos when they break falling wedges, preferably with a low RSI showing bullish divergence, and MACD giving good signals as well.
That said iota is in a falling wedge to btc today..
utechs
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But most of indis overbought how it can go this high?