The buying frenzy in Bitcoin, just continues to push it higher and higher. There is no time to correct properly. The rally is now close to being vertical, which isn't a good thing.
I was look for this rally to may extend to 10,768 and here we are. However, the extreme buying frenzy could push Bitcoin into the 11,073 - 11,627 area, but it's time to become fearful and take a contrarian approach.
Yesterday the Danish news ran a story about a mom, that had bought Bitcoin from her son's savings account. I'm not saying it's not a good investment, but that is a sign to me, to become very fearful.
A break below minor support at 9,848 will indicate that wave (3) has peaked and wave (4) towards at least 6,700 is developing.
As wave (2) was a deep zig-zag correction, we should expect a time-consuming and complex sideways correction in wave (4).
Tighten up your stops!
I was look for this rally to may extend to 10,768 and here we are. However, the extreme buying frenzy could push Bitcoin into the 11,073 - 11,627 area, but it's time to become fearful and take a contrarian approach.
Yesterday the Danish news ran a story about a mom, that had bought Bitcoin from her son's savings account. I'm not saying it's not a good investment, but that is a sign to me, to become very fearful.
A break below minor support at 9,848 will indicate that wave (3) has peaked and wave (4) towards at least 6,700 is developing.
As wave (2) was a deep zig-zag correction, we should expect a time-consuming and complex sideways correction in wave (4).
Tighten up your stops!
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