Bitcoin heading to the great beyond

Bitcoin has sky rocket far to a greater height against the US Dollar where it never been gone to before and it currently sit on 23,0000 value. This is so incredible and of course the new high certainly will trigger financial media frenzy reporting that might make it goes further up.

However for traders this is the danger territory that becoming more dangerous to trade - going to a new territory never been tested before pose a great danger to its fragile foundation. As for me i will just become a spectator to the stellar rise of the bitcoin - because getting into the trade is like walking on a land mine. A titan reversal awaits the as the volume becoming saturated it might just crumble like no tomorrow.

Remember there is nothing that goes up forever - it's just a simple principle of nature. Everything lives in a cycle just like the rest and Bitcoin is no exception it's just a matter of time.

   

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Bitcoin Forex Technical Analysis 15-Dec-2020

The hype of cryptocurrency have a great impact on the bitcoin forex trading - this can be seen on the BTCUSD chart where it sits on the overbought position and yet it is still poised to go further up based on the price actions signal. However the US dollar seems to gain some strength and it can be seen on the most traded pairs i.e. USDCAD, USDJPY, USDCHF etc. This could signal the brink of collapse of the bitcoin at the very least to correct the overbought position. We will see the impact on wednesday or thursday when most of the US economic data released which you can check on forex factory economic calender. Will it cause the bitcoin to go further up to ever more fragile territory or make a speedy reversale for retracement.

History has shown that overbought or oversold position doesn't need indicators for it to make a move - and this can pose a very significant danger if you are going for buy / long position. The collapse will be fast and high in volumes.