The holiday pop occurs just after a holiday break. Its the sign of a mania. The sheep go back to the family/friends and tell them how easy it is to get rich. The family and friends all bright eyed, buy it hook, line, and sinker. They buy. Than you see a jump in prices as the last fool attempts to buy at the top. Bitcoin had a holiday pop after thanksgiving. I suspect we will have another holiday pop after Christmas and New years.
I had some one at my family gathering talking about bitcoin.
“Just buy bitcoin and relax. It’s going to $150,000. Didn’t you read the latest article?”
This is despite the fact the author of the article is unknown with no track record.
“No, this guy is an expert with cryptocurrency. I listened to him and bought 6 weeks ago and have already doubled my money”
You have not doubled your money. You have a profit on an open position. Until you sell that’s all you have. But why would he sell? He thinks its going to $150,000. You also know what I think about “experts“.
I showed him the market watch website:
I told him this was a danger sign. This is the sign of a top. This is a sign that you are not buying low and selling high. The fact that we are all here talking about bitcoin is another danger sign.
Watch for the holiday pop. If it does not take out the old highs it is a top. I believe we have seen the top. I said so here. This price action looks like an exhaustion of buyers.