CNBC is a counter indicator. As long as they don't start hyping up the current run on their main channel (which they haven't yet) we're good to go. The moment Brian Kelly starts about how bullish he is, it might be a good time to dump.
That being said, seeing the price fall back to anything above $5000 is still incredibly bullish while the charts in the short term time frame show a massacre. I am ready for it when it happens.
I like how the current run shut up the squad around Tone Vays with their sub $1500 predictions. The most annoying one is Leah Wald. Seriously, what's she doing here? Big mouth but very little exposure to Bitcoin.
Tone & Co are among the most stupid Bitcoin maximalists I have seen so far.
Topic: [2019-05-12] Bitcoin May Retrace To High-$5,000s (Read 165 times)
What a week it’s been for Bitcoin (BTC). In the past 72 hours, the asset has rallied from the low-$6,000s to $7,500, then to $6,900, driven by a newfound sense of hype, passion, and belief in the cryptocurrency cause.
However, as the market has cooled — temporarily at least — analysts have begun to get more level-headed, doing their utmost to figure out where cryptocurrencies could head next. This time for pondering has led to some staggering revelations.
Popular trader Josh Rager recently suggested that there are amazing similarities between 2015’s recovery out of a bear market. During that cycle, BTC bottomed around $200, accumulated around $300 for months, went parabolic to tap $500, then saw a pullback. What’s more, the three-day Super Guppy, a key long-term trend indicator, didn’t signal a “buy” (green) until after the pullback.
Source: https://www.newsbtc.com/2019/05/12/if-history-rhymes-bitcoin-btc-may-retrace-further/
I am sure that while the whole cryptocurrency market is rejoicing with the recent upsurge of Bitcoin with many thinking that this can already be the sign of a coming bull run, there are those who are wishing that Bitcoin do some retracement so they can enter the bandwagon or add more hoard to their portfolio. The possible pullback can be serving as a correction which can happen after some days of being bullish.
Will Bitcoin go back to the $5,000s level soon? Or will it ignore the pundits and make a go for a higher level days from now? Your guess can be as good as mine...
Jump to: