- As I predicted, most altcoins are losing in BTC value as a result of people selling them to buy more Bitcoin.
This is the whole trading history of Bitcoin on Bitfinex, the historic market mover:
First, we're approaching the 3.618 fib level ($4500) on the larger time-frame (1D) and I wouldn't be surprised to see the pullback happen around this area,;besides, BTC has been on a tear for a few days now and whales will eventually take profit;
Second, Fibonacci levels have been historically very reliable on the larger time frame;
Notice how last time BTC mooned, the price stabbed through the 2.618 level (in red on the chart), then dropped all the way down to the lower fib level, bounced off it and mooned again;
If we stay true to form and we do have a pullback around the $4500 area, the price could drop one or two fib levels down, so the $3800 and $2800 areas respectively;
Also, finally if you're not riding any BTC, right now is the worst time to buy, wait for a pullback to buy BTC, buy now and you risk buying a top.
Peace
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