Bitcoin has risen about 70% in the past 4 days! It is obviously in a bubble whether you like it or not. It will definitely burst soon. However, it is difficult to predict the top, although they are many signs that 172000 the peak. First, the volume spiked 2-3 times in the last few hours: a common sign of exhaustion a reversal. Next, the RSI has not 2, or 3, but 4 bearish divergence peaks. Finally, the Elliot Wave count is at 5, though we could still go higher with an extended 5th wave.
As crazy as I sound, we could put a short order with a tight stop. Our target would be the 0.382 Fibonacci Level at 14500, and the stop loss would be just slightly about the peak at 17500, giving us a risk to reward ratio of 1:3.11. That means we only have to be right a fourth of the time to make profit.
HOWEVER, that does not mean the end of Bitcoin. I'm only saying that we are going to experience a temporary correction. We could get targets of $25,000 after the correction.
As crazy as I sound, we could put a short order with a tight stop. Our target would be the 0.382 Fibonacci Level at 14500, and the stop loss would be just slightly about the peak at 17500, giving us a risk to reward ratio of 1:3.11. That means we only have to be right a fourth of the time to make profit.
HOWEVER, that does not mean the end of Bitcoin. I'm only saying that we are going to experience a temporary correction. We could get targets of $25,000 after the correction.
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