We may sleep, but Crypto never does. For me personally, I crashed on my bed after 13.5-hour work day yesterday. I went to sleep wondering if Bitcoin was going to create new low after all previous lows since April 12 were higher. (For more about my thoughts on the recent higher lows, check out the linked idea.) Not only did Bitcoin break a new low while I slept, but many altcoins dipped by AT LEAST 10 percent. For those that slept, thousands were lost...
Now the question is: Are these losses momentary, or is it time to sell?
I'll make this quick for two reasons:
1) More work in 30 minutes, LOL
2) This is mostly speculative, instead of tried-and-true regression analysis
Coming up Monday is Consensus 2018, which is a blockchain technology summit. It takes place on May 14-16 in New York City. Check out CoinDesk for more information, because you'll need to do your own research to see if this event will bring in new investors to buy and reinvigorate the bull market.
Earlier this week, Tom Lee of Fundstrat once again hit the headlines for predicting a potential Bitcoin rally in response to the Consensus summit. The linked Marketwatch article includes Lee's charts that show a price spike both DURING and AFTER Consensus for each year (2015, 2016 and 2017). There's a good possibility this trend continues, according to Lee.
I'm not predicting an automatic rally (or decline) in response to Consensus 2018. But I do want to warn that it's best to watch out about this recent fall down for Bitcoin. At roughly a 1.4K drop, most of the damage is done anyways. The current Bitcoin price is closer to the well-established lower-bound trend channel than the yet-to-be-tested upper-bound trend channel. It is a legitimate possibility that this dip come in preparation for the summit, so experienced hands can buy back at a lower price before new buyers enter the market. Then again, it is also a legitimate possibility the bull trends are done for now. WATCH THE CHARTS AND DO YOUR OWN RESEARCH BEFORE MAKING A MOVE!
My best to you, as we trade!
Now the question is: Are these losses momentary, or is it time to sell?
I'll make this quick for two reasons:
1) More work in 30 minutes, LOL
2) This is mostly speculative, instead of tried-and-true regression analysis
Coming up Monday is Consensus 2018, which is a blockchain technology summit. It takes place on May 14-16 in New York City. Check out CoinDesk for more information, because you'll need to do your own research to see if this event will bring in new investors to buy and reinvigorate the bull market.
Earlier this week, Tom Lee of Fundstrat once again hit the headlines for predicting a potential Bitcoin rally in response to the Consensus summit. The linked Marketwatch article includes Lee's charts that show a price spike both DURING and AFTER Consensus for each year (2015, 2016 and 2017). There's a good possibility this trend continues, according to Lee.
I'm not predicting an automatic rally (or decline) in response to Consensus 2018. But I do want to warn that it's best to watch out about this recent fall down for Bitcoin. At roughly a 1.4K drop, most of the damage is done anyways. The current Bitcoin price is closer to the well-established lower-bound trend channel than the yet-to-be-tested upper-bound trend channel. It is a legitimate possibility that this dip come in preparation for the summit, so experienced hands can buy back at a lower price before new buyers enter the market. Then again, it is also a legitimate possibility the bull trends are done for now. WATCH THE CHARTS AND DO YOUR OWN RESEARCH BEFORE MAKING A MOVE!
My best to you, as we trade!
