No one will argue that we have been in a bull cycle in Crypto. When that season flips no one can really say and usually the crowd misses the turning point. I don't feel like we are there yet and we have much more to run on Bitcoin. Notice the pattern that Bitcoin has followed. After a 20-30 percent correction we see a bullish pendant formation followed by 3 higher lows. Yesterdays down day confirmed our 3rd higher low. After completing our 3rd higher low I see no reason we don't launch up to 72k and the parade continues. It's been a long 3 months and much patience has been required in Bitcoin. Lots of alts have run and doubt has crept in that holding Bitcoin was the wrong move. This will come to end very soon. Watch BTC.D and watch the power of this next move. Those that have been patient and held will be very happy here soon. Price discovery in Bitcoin will trump any alt side show we have seen yet. We need to fill the rest of the supply near 38300 and the climb will continue. Hope you are all well. Stay patient, Stay Long BTC, Stay with the Shark.
As much as I hate to say, I think BTC needs a massive correction before it goes into full-on price discovery mode. Dominance is nearing an all-time low and price continues to struggle at lower resistance levels with each impulse upwards. Lots of overhead pressure it seems. Unfortunately, a correction all the way down to the 30-40k range could be cataclysmic for this bull cycle. I hope we are heading upwards from here, but my gut tells me it won't be that straightforward.
BrettFogle
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Certainly no-one could have predicted the massive selloff(s) this past week in BTC. There was the Wyckoff accumulation / distribution pattern video that was going around on YouTube which does make it seem we all missed what was setting up. But all the apparent manipulation, China FUD, etc didn't help and was just a catalyst. Curious if you think we'll hold 30k here, likely retest and hold, or drop to 25K as some are predicting? Always good to hear your seasoned insight.
bed87
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So when do I put my order set to buy again @ 38300? :O
Bronson-TheShark
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@bed87, A break and hold above $58,273 is a go for me.
bed87
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@Bronson-TheShark, how do you know we don’t fall into a full-blown bear market at that point? I think market psychology will come into play big time at low prices, people will panic sell.
Bronson-TheShark
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@bed87, Nothing is ever certain and no-one can know for sure here but all the charts and proven demand strongly suggests that this bull run is not over yet. That is simply my opinion.
ABG1968
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@Bronson-TheShark, you could be right, yet BTC( al securities are) is a bubble of epic proportion and when will bursts most of the suckers that kept their money in this pyramidal scheme will suffer till then yes OMG what a run. When will be over BTC will retract up to 80% big corks like Scaramucci and Woods will have their laugh( as they will have their money out fast and before hand) and the government may outlaw it( for the good reason) till then if you look at the pattern, they milk the small investor every other week or so, all this pennants that you talk about is them getting their money in the coffers and stay invested based on what you guys put in.