Hi traders, I have my finger on the trigger for some profit taking.

Here's why.

Bitcoin.

• This Bitcoin bounce is showing signs of acceleration with the price chewing through $9k without correcting much at all, we're currently testing the much stronger $9.5k resistance on okay volume;

• Although it's possible that $9.5 could also end up being blasted through, as I said before I would love for Bitcoin to have a healthy pullback + consolidation around the current level before we attack the $10k-12k balance;

• However, if Bitcoin soldiers on and produces another of these green spikes without proper consolidation, I would definitely look at taking some profit on the next big candle because, to me, that would suggest that the move is becoming unsustainable and could end up correcting violently... buy low sell high;

• On a fundamental level it's still relatively unclear to me what exactly is driving this bounce. This four months bear market capped with tax season in the US and the UK certainly ejected lots of "dumb" speculative money but the price hasn't gone through an extended period of organic accumulation which seem to reinforce this idea that this bounce could be short lived and end up in a dead-cat THEN accumulation.

• Speaking of dead cats, the consensus on social media seems to be that Bitcoin will produce a fractal of 2014 and dead cat around $12k which tells me that it will certainly not happen; with Bitcoin either basting through this level or stopping way short of it (maybe at current level);

• Another reason to lock in altcoin profit is that many of them (especially the ICO ones) are under regulatory threat of being regarded as securities and if you think it's okay because they would only be de-listed from American exchanges, wait until SEC start litigating against the actual developers behind those projects.

Anyways, trade safe in the jungle and remember to buy low and sell-high!

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