Although the all time highs were just barley missed, it doesn't take away from the bullish fundamentals behind it. Over the past several weeks we have herd some of the biggest names in investment banking to billionaire investors who have been very impressed with the store of value BTC has been and have openly shared that they are heavily accumulating.
So with the recent sell off in bitcoin you should look at this as a correction in the market, and a HEALTHY one at that. During the previous bull cycles BTC has averaged between a 30 to 40% correction after a huge move such as we just went through. After plotting technical tools we can clearly see a 30 to 40% correction would line BTC up nicely with 1. Market Structure and 2. fibonacci levels. 61.8 and the 786 levels. (From9/20 swing low to the 11/20 swing high)
This is a great time to start monitoring price action to get BTC on sale.
So with the recent sell off in bitcoin you should look at this as a correction in the market, and a HEALTHY one at that. During the previous bull cycles BTC has averaged between a 30 to 40% correction after a huge move such as we just went through. After plotting technical tools we can clearly see a 30 to 40% correction would line BTC up nicely with 1. Market Structure and 2. fibonacci levels. 61.8 and the 786 levels. (From9/20 swing low to the 11/20 swing high)
This is a great time to start monitoring price action to get BTC on sale.