CME pump is over, media cooling off, testing new height. high risk and possibly high reward. To be safe, go short. Btc charts have strong relationships with other cryptos check eth charts for comparison.
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The next 12 hours will be critical in determining whether btc will end up breaking yet another record or a short which means it won't be another month or so before it recovers to 8k.
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waiting for price to break 7500 before confirmation of short.
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price touched just below 7.5k but it bounced and is now retesting the support. the bulls are not giving up easy but the entire movement looks very bearish. Waiting for price to touch 7390 before short is confirmed.
At present I primarily look to BCH to evaluate market sentiment on BTC. BCH bounced up and stayed up, so that suggests to me that interest in this BTC bull run has waned and I am expecting it to head down from here. I'm not moving just yet, but if we drop another ~$100 or so from here ($7821 on GDAX atm) then I'm hopping on the bear train.
Xamton
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@Box1515, bch is like a water reflection of btc.
while eth chart follows btc to some degree and represents crypto as a whole
and has indications of people swapping eth for btc when they anticipate a lower btc price.
lvturner
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Bold!
I'm looking for incoming downside too, but not quite ready to call it, will be interesting to see how the things play out after the NY open and over the weekend.
Xamton
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@lvturner, it's true there's a possibility of going even higher towards 9k, if it wasn't for the segx2 cancel btc would have been there already.