BTC/USD Price Forecast November 30, 2017, Technical Analysis

Bitcoin has rallied again during the trading session on Wednesday, and as most of you probably know by now, has left $10,000 in the rearview mirror. As I do my analysis on Bitcoin, keep in mind that I do have an attitude of this being a massive bubble. I have seen various bubbles over the last decade or so, and this one has all of the hallmarks of the others. However, that is essentially what trading is about: finding the bubble and writing it as high as you can, and then either getting outer shorting as things come undone. I fully anticipate this is what we are going to see and Bitcoin, but the popping of the bubble isn’t happening today. It is under that premise that I look at the markets.

Bitcoin rallied $1400 during the day, but by the time the Americans took control, it had lost almost half of that. Because of this, I believe that the volatility is going to continue to be very high, but we have found a bit of support at the 20 SMA on the hourly chart, and I think that makes quite a bit of sense, because most Bitcoin traders are short-term traders by their very nature, jumping in and out and paying attention to short-term charts and things like the Bollinger Bands.

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BTC/USD Video 30.11.17

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Because we have bounced from the moving average on the Bollinger Bands, I believe that the uptrend will remain intact, and I fully anticipate that this market will go looking towards the highs again. The question now is when do we get overextended? Because by most metrics we not only are but have been for a long time. It is because of this it is actually crucial to have stop losses in place, as this market tends to lose 10% in the blink of an eye. Now that institutional money is coming in, the thought is that it will stabilize things, but I think initially we are going to see a surge. Longer-term, one the institutional money comes out of the market, I believe that is when the bubble pops, as the big money runs out the door. We are a long way from that though, and I believe the Bitcoin bubble will continue to inflate from here, so I advocate a “buy on the dips” strategy, but would do so in small increments, using the $10,000 level as the idea of a “floor” currently.

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