BTCUSD close to $18k collapse (another day to go?)
Updated
I mentioned twice in the past week that I believe BTC would go to 1.618x extension of the year i.e. 18k before its derivatives are alive.
Yesterday bitcoin swept all other major coins and has shown zero sign of slowing down. However, there are only so much money to go around.
I think the 18k target could potentially be reached later today or tomorrow. The weekend could be a period of confusion. Come Monday, the big crash many portended will be real. Altcoins may also be implicated. Seeing this last extension has been so dramatic, a fall to 9k is expected.
Note the indicators show severe overbought condition -> but they don't mean much. It's money supply that'll be the problem for bitcoin. Do we have tens of billions and increasing everyday to pump bitcoin?
Yesterday bitcoin swept all other major coins and has shown zero sign of slowing down. However, there are only so much money to go around.
I think the 18k target could potentially be reached later today or tomorrow. The weekend could be a period of confusion. Come Monday, the big crash many portended will be real. Altcoins may also be implicated. Seeing this last extension has been so dramatic, a fall to 9k is expected.
Note the indicators show severe overbought condition -> but they don't mean much. It's money supply that'll be the problem for bitcoin. Do we have tens of billions and increasing everyday to pump bitcoin?
Note
btw, check out my website jlteng.com/
Note
It very well may have peaked, though to fall that's probably not today b/c a real trend reversal is not V-shaped
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