Bitcoin heads for all-time high. Is it a good time to sell?
Needless to say that the risk-return for a purchase at these levels is insane. Not selling Bitcoin now is also insane, because even if the price reaches the all-time high of $ 19,900, we are talking about an upside of less than 10%, irrelevant in the face of the risk taken.
Bitcoin price is very close of all-time high, far from moving averages and at 161,8% Fibonacci projection.
The last time that it reaches these levels was on December, 2017, when the asset reached around US$ 19,900, before the crash that drives the crypocoin to US$ 3,215 on December, 2018. It's a strong supply zone that should move it lower.
The price is very far from moving averages on daily and weekly timeframes. Daily SMA200 is at US$ 11,136, but weekly SMA200 is at US$ 7,344, reforcing a scenario for a correction.
The last point is that Bitcoin reached the last classical Fibonnacci projection, that is 161,8%, at US$ 18,275, projected from the last accumulation zone between US$ 9,900 and US$ 12,515.
It's a great time to sell the asset and then wait for a good correction before a re-entry point. We must watch S&P 500(SPX500) and gold(XAUUSD) movements, because it could preceed a correction or a sell-off in Bitcoin. However we could see a time correction, instead a price correction, that is, the price may consolidate, waiting for the moving averages to get close to the prices, before it continues the movement to a possibly new all-time high.
Bitcoin price is very close of all-time high, far from moving averages and at 161,8% Fibonacci projection.
The last time that it reaches these levels was on December, 2017, when the asset reached around US$ 19,900, before the crash that drives the crypocoin to US$ 3,215 on December, 2018. It's a strong supply zone that should move it lower.
The price is very far from moving averages on daily and weekly timeframes. Daily SMA200 is at US$ 11,136, but weekly SMA200 is at US$ 7,344, reforcing a scenario for a correction.
The last point is that Bitcoin reached the last classical Fibonnacci projection, that is 161,8%, at US$ 18,275, projected from the last accumulation zone between US$ 9,900 and US$ 12,515.
It's a great time to sell the asset and then wait for a good correction before a re-entry point. We must watch S&P 500(SPX500) and gold(XAUUSD) movements, because it could preceed a correction or a sell-off in Bitcoin. However we could see a time correction, instead a price correction, that is, the price may consolidate, waiting for the moving averages to get close to the prices, before it continues the movement to a possibly new all-time high.
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