Picking tops (and bottoms for that matter) seems an impossible task to me, therefore I trade upon trend line breaks which have been tested multiple times in the past. Nevertheless, this is a scenario I'm currently keeping in mind.
Personal summary
- 8+ months of consolidation
- 7/30 EMA weekly cross
- 50/200 MA golden daily cross
- 50/100 MA 3D cross
- Broke through many long term (~ 1-2 years) resistance levels and bearish trend lines (only the big dotted curve indicated in this chart for readability purposes)
- Generally neutral market sentiment; the substandard level of decision making regarding e.g. blocksize increase and the lack of Bitcoin utility in everyday life still bothers me.
I'll be looking for a top when the weekly RSI hits around 80 or big trend line breaks such as the purple one, On shorter timeframes with smaller positions I'm getting in and out on trend line breaks such as this one:
Lastly I'm also seeing technical similarities to Q3 2012, which makes me consider a 50% retracement of the all time high as a possibility.
Personal summary
- 8+ months of consolidation
- 7/30 EMA weekly cross
- 50/200 MA golden daily cross
- 50/100 MA 3D cross
- Broke through many long term (~ 1-2 years) resistance levels and bearish trend lines (only the big dotted curve indicated in this chart for readability purposes)
- Generally neutral market sentiment; the substandard level of decision making regarding e.g. blocksize increase and the lack of Bitcoin utility in everyday life still bothers me.
I'll be looking for a top when the weekly RSI hits around 80 or big trend line breaks such as the purple one, On shorter timeframes with smaller positions I'm getting in and out on trend line breaks such as this one:
Lastly I'm also seeing technical similarities to Q3 2012, which makes me consider a 50% retracement of the all time high as a possibility.