Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by El duderino_ (2)
This one is for you bears who are still hoping to buy back in. 
The Fear & Greed index is finally registering "greed" for the first time in a long time. Bitfinex longs are also up almost 18% over the last week. As a contrarian, this supports my feeling that we're nearing a local top.
$8K would just be a 50% pullback from here. Very normal in the early stages of a bull market. Look at the corrections in June-August 2016, January 2017, March 2017. These were deep 62%+ retracements of the previous wave. And that was in the throws of a bull market, so it wouldn't be out of the ordinary.
I think the low $8,000s where the 20-week MA is may end up being a great target zone. This is one scenario I'm preparing for:
A 50-62% retracement would be typical, although it doesn't need to go that deep.
The Fear & Greed index is finally registering "greed" for the first time in a long time. Bitfinex longs are also up almost 18% over the last week. As a contrarian, this supports my feeling that we're nearing a local top.
I also wait a pullback in the 10k area. The question is how big do you think will be. I think it could be just a small one and going fast to 10500-10600 or a moderate one to 9k-9,2k or 8,8k at much. There are a fucking lot of buying orders at 9,2 and 9, and in case going lower which I doubt, 8,8k is very strong again.
An strong pullback to like 8k or so seems very unlikely to me.
An strong pullback to like 8k or so seems very unlikely to me.
$8K would just be a 50% pullback from here. Very normal in the early stages of a bull market. Look at the corrections in June-August 2016, January 2017, March 2017. These were deep 62%+ retracements of the previous wave. And that was in the throws of a bull market, so it wouldn't be out of the ordinary.
I think the low $8,000s where the 20-week MA is may end up being a great target zone. This is one scenario I'm preparing for:
A 50-62% retracement would be typical, although it doesn't need to go that deep.