Bitcoin looks irrational
Updated
I just wanted to take a quick look at Bitcoin because I just read in the news it reached $13,000 today, I think I just read it reach $12,000 last week. That to me sounded irrational and there is no way I think bitcoin can sustain a trend that accelerates that quickly for any length of time. In my opinion it is already accelerating at an irrational and inefficient rate, being pumped. Regardless if it doesn't start to break down this week, I have set a few targets overhead and labeled it a target zone. This is also where I expect that if price does trade to this level it will begin to pivot for a retracement or consolidate. The volume is also decreasing during this wave which so happens to be at a bullish angle of at least 71 degrees. That is steep. I don't think this is rational, and the Volume is not balanced. I am keeping in mind that Today hasn't closed yet, I will be interested to see how much volume floated today's spike. I think it is extremely risky to buy into this spike right now. Thank You God Bless.
Note
I think this is the reason the rest of the market is diverging and not performing. I hear people talk about financials being overbought, and then I look at this chart and realize that investors aren't re-allocating their funds withing the market itself, but everyone has decided to take their money out of the market and buy crypto with it. That is my opinion. It is ironic this foreign pumped rally occurred right after the new tax code was passed.Note
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