12/05/2019/11:00CET
Where will this rally end? #BTC has had a rise of almost 30% in 4 days. Nothing goes up like this for long

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BTCUSD Daily on Bitstamp

Just a quick one guys for a sunday morning update

• BTC trades at USD 7390 at press time. This is phenomenal. I wounder what the talking heads will say was the catalyst. One of them must come up with Trumps failed trade talks and impossition of more tarrifs. Others will say it is the build up to Consensus conference in NY, and others will just say it was due to the resiliance, and to give Binance a plug, the professionalism of them in the hack attack. Hacks normally provide a negative catalyst, this time has broken that rule.
• BTC local high is just above 7500, hit in the past hour.
• We are now well extended past the moving averages, but the FOMO victims are typically do not look at these indicators
• Those that will turn the tide of this rally do!
• The nearest, and often termed the momentum indicator: the 21DEMA is telling us we are in thin air territory. It sits at 5880 which is a massive USD 1500 below us, or 20% on the downward side.
• The other main indicators: the 50, 100, and 200 DMA's are 5177, 4474, and 4413.
• When this rally fizzles, and IT WILL, one of these indicators will likely act as support.
• RSI is flashing at us...
  
  But then again it was also flashing back on April 2 when this madness started and we have never really retraced from that rally. So this does not mean we will get a BTD opportunity.
• Bollinger bands are also falshing a warning sign...
  
  Again we had the same setup in early April and this indicator did not serve those that expected a cool of and BTD opportunity.
• Lets face it, this is not going to last, and there will be some tears when it comes back down to find some more sustainable support.

Hodlers, who take an interest in the markets will be sorely tempted to sell some into this rally to take the opportunity of a dip and increase their net BTC holdings. This is my strategy.




As always guys, leave comments, have fun and trade safe.

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Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.

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