02/04/2019/07:40CET
WTF! Bitcoin has gone on a complete tear in the last few hours. Whats going on, and how does this affect our prognoses?
BTCUSD Daily on Bitstamp
- #BTC is trading at 4774usd at press time after hitting a high of 5080 (no this is not some belated april fools trick guys)
- on the hourly chart this crazed melt up is only 2 hours old
- its 14% up at press time.
- This goes outside of TA possibilities, except to say that I did mention in my last post that BTC could blast through 4110 and then it would hit some resistance at 4350-4400.
- Well this 4400 resistance did not seem to hold anything in front of this juggernaut.
Prognosis
- I don't know guys, this sort of vertical lift off usually does not last long and comes back down to reality, or somewhere near it
- Don't get me wrong, I love to see this but be wary of FOMO reactions.
- I am considering selling my positions and buying in again at a lower price, because it will correct from here.
- In the big picture, such surges are unhealthy.
- I expect to see price consolidate at the 4400 level and hold it for a few days.
- Then we can say we have a new higher low.
As always guys, leave comments, have fun and trade safe.