Bitcoin - Could be a good time to sell
Updated
I think the longer the US trade war goes on with China, the more we'll see Bitcoin rise.
The BIG drop/correction won't happen until a deal is reached.
But now could be a good time to sell, take some profits and set your stop-limit orders to buy back in if the price crosses 9750'ish.
Major resistance at 9600 and I would expect at least a small pull back to 88/8700.
However, closing a candle above 96/9700 suggest a run to 11,500 is in the cards.
Could also bounce from the 86/8800 zone to make a run at 10k and beyond.
The BIG drop/correction won't happen until a deal is reached.
But now could be a good time to sell, take some profits and set your stop-limit orders to buy back in if the price crosses 9750'ish.
Major resistance at 9600 and I would expect at least a small pull back to 88/8700.
However, closing a candle above 96/9700 suggest a run to 11,500 is in the cards.
Could also bounce from the 86/8800 zone to make a run at 10k and beyond.
Note
Bitcoin's USD price continues to reach for 10k. (at just over $9900 currently).I adjusted the fib lines to begin at the absolute bottom this cycle to the tippy top of that mega $100 million dollar pump on April 1.
Looks like the price is heading to $10,35x (the 3.618) where I would expect to see a pull back to the next fib down, previously 2.618.
From there, it really depends but eventually we'll see the 5.618 and 8.618 prices achieved in Bitcoin. It's only a question if it happens in one straight shot, or if this has all been a "bull market mirage" or something and Bitcoin makes another line for 3K or lower, as some people are calling for.
Kind of makes sense. China has tons of capital controls and their economy has been slowing/weakening. Bitcoin is a nice way to get money out of the system over there, especially in these uncertain times.
Bitcoin's surge is currently (seemingly anyways) correlated with the US/China trade war. Trump will have to reach a favorable deal soon or he risks a serious correction in the markets.
Any successful trade deal announcement, I think may send Bitcoin's price into retrace mode.
Meeting on Tuesday apparently.
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