We are cautious about this rapid bounce back. The knee-jerk reaction to seeing some cryptos strike back with +40% gains is to load the boat with everything that can be grabbed. However, it is still not clear that the decline is over and there are not buy triggers yet. The 'Fear Of Missing Out (FOMO) can be a powerful force but it is just a emotional greed reaction and emotions are deceiving. We will wait for the charts to tell us what to do next.
News:
South Korea Admits Exchange Closures Impossible:
Verbal Brawl On CNBC Over Bitcoin:
https://www.zerohedge.com/news/2018-01-17/go-piss-brawl-breaks-out-cnbcs-fast-money-over-bitcoin
Morgan Stanley Joins Goldman Sachs To Clear Bitcoin Futures Settlements:
Bitcoin has overhead resistance at $13,000 if wave iv should hold there.
Yesterday we predicted that it was do or die for wave 4 to end. It shouldn't come as a suprise that there was a huge bounce there.
