FOMO crowd is giving us a Phenomenal Display of Naked Avarice
Most bitcoin people are expecting a pullback now, maybe except from the FOMO crowd ;-). Bitcoin's extremely powerful and totally unexpected bullish rally may have reached it's peak range, tough it's quite vast. Correction at this point seems quite reasonable.
Most of the more resilient bitcoin people including the FOMO crowd are already in it right now. Not many new people aren't coming in at this point because of few factors. Some got scared away by the last bubble burst, some are still in it at higher prices, most importantly the ones who missed the current rally know that there's no point in getting in right at this point because even if bitcoin were to go to 9 or 10k it still is due for a pullback so at high risk you get little reward. I think wealthier bitcoin investors (the wales as the are called) know that it's in their interest now to sell some now on high prices and cause a small panic which in turn will can cause the price to dwindle lower were they can re-accumulate and this will also be an incentive enough for the people who missed the first rally to get in the next one and push the price far beyond what we have now.
In my opinion this most recent flash crash is meaningless as a pullback, it was a sort of anomaly, we need a normal drop and price must consolidate for a while at the bottom of it before going back up, and what we have now is just a phenomenal display of naked avarice and stupidity in action, get in to be in no matter what, everybody has done it at some point in his trading so we all understand it.
Looking at the current situation I'm waiting to see FIB 0.618 being pierced. Bitcoin on many occasions liked to flirt with 0.786 which coincides with 200-weekly MA but at this point it seems highly unlikely. I know all the TA guys will not like this but I think the cause for the pullback may be the infamous bitfinex, something bigger the the flash crash may be in going on in progress, this one rat who caused the flash crash was probably the lucky guy who had insider info on what really is going on.
Friendly advice, don't short bitcoin even if it goes down, because the FOMO squad will get you no matter what :-D
Most of the more resilient bitcoin people including the FOMO crowd are already in it right now. Not many new people aren't coming in at this point because of few factors. Some got scared away by the last bubble burst, some are still in it at higher prices, most importantly the ones who missed the current rally know that there's no point in getting in right at this point because even if bitcoin were to go to 9 or 10k it still is due for a pullback so at high risk you get little reward. I think wealthier bitcoin investors (the wales as the are called) know that it's in their interest now to sell some now on high prices and cause a small panic which in turn will can cause the price to dwindle lower were they can re-accumulate and this will also be an incentive enough for the people who missed the first rally to get in the next one and push the price far beyond what we have now.
In my opinion this most recent flash crash is meaningless as a pullback, it was a sort of anomaly, we need a normal drop and price must consolidate for a while at the bottom of it before going back up, and what we have now is just a phenomenal display of naked avarice and stupidity in action, get in to be in no matter what, everybody has done it at some point in his trading so we all understand it.
Looking at the current situation I'm waiting to see FIB 0.618 being pierced. Bitcoin on many occasions liked to flirt with 0.786 which coincides with 200-weekly MA but at this point it seems highly unlikely. I know all the TA guys will not like this but I think the cause for the pullback may be the infamous bitfinex, something bigger the the flash crash may be in going on in progress, this one rat who caused the flash crash was probably the lucky guy who had insider info on what really is going on.
Friendly advice, don't short bitcoin even if it goes down, because the FOMO squad will get you no matter what :-D
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