This is not necessarily what I believe, it's just a possibility. I don't call tops, and I certainly wouldn't take an initial short position here, but the nearest most realistic strong support zone is at the $5000 mark (in my opinion).
As we all know, bitcoin has crashed 80% 5 times before. I think it can happen again, and the charts are what allow me to rationalize these ideas.
I'm definitely long bitcoin, but I think a healthy correction could arise, up to 75% towards the $5000 inflection point (support zone).
I'm currently bullish on bitcoin cash, and both the bchusd & bchbtc charts look bullish to me, so I think that bitcoin could correct while money might flood into bitcoin cash, thus validating bullish expectations.
If bitcoin really is the currency of the future, then it should not surprise us if it has a strong correction, followed by strong buying.
BTC 100K.
As we all know, bitcoin has crashed 80% 5 times before. I think it can happen again, and the charts are what allow me to rationalize these ideas.
I'm definitely long bitcoin, but I think a healthy correction could arise, up to 75% towards the $5000 inflection point (support zone).
I'm currently bullish on bitcoin cash, and both the bchusd & bchbtc charts look bullish to me, so I think that bitcoin could correct while money might flood into bitcoin cash, thus validating bullish expectations.
If bitcoin really is the currency of the future, then it should not surprise us if it has a strong correction, followed by strong buying.
BTC 100K.
Comment:
Gee... not so bad
Comment:
At this point its hard to say what will happen, we have some bullish price action on the daily pinbar, it could easily come lower. I recommend long orders from 8-12k.