You’re Just Too Good To Be True, Can’t Take My Eyes Off Of You,
You'd be like heaven to touch
I wanna hold you so much.
At long last love has arrived
And I thank God I'm alive.
You're just too good to be true
Can't take my eyes off of you.
Valli Frankie-1967
I wake up with these songs in my head, and somehow they apply to Bitcoin.
As I said yesterday, we are going to go through a 2-4 day pullback, and that I figured it would bounce somewhere between the 50 day moving average and the bottom of the Bollinger Band.
It should be noted that today’s drop was sudden, very quick. Early this morning, today’s candle was basically a doji with very little movement, and then the bottom fell out very quickly within about 15-20 minutes. We crushed through the 50 and bounced squarely off of the BB, and seem to be stabilizing a little bit.
Elliot Wave, which is not shown, puts this drop somewhere at a bottom of 8,000-9,000, so those are the levels we truly want to watch as this unfolds, and we already got a low of 9550 at this writing, so if this retreat lasts the calculated one or two more days, that will put us squarely in that range.
Sudden drops like this can be scary, but it’s important to remember that 2-4 days of dropping does not in any way, shape or form make a trend. This is simply a retrace after a fast runup, and perfectly normal.
One other thing to keep in mind is that volatility can come in as the 50 day MA gets ready to turn and change direction. The 50 MA has slanted down for a while now and is just “barely” getting ready to make a turn up. It’ll be flat to up soon, and some volatility should be expected.
Right now there are a lot of noobs thinking ‘this is too good to be true” and surely “they can’t take their eyes off of you” (Bitcoin/crypto). But this is a blessing. I am preparing to buy more in the next day or so.
HODL and stay calm.
I wanna hold you so much.
At long last love has arrived
And I thank God I'm alive.
You're just too good to be true
Can't take my eyes off of you.
Valli Frankie-1967
I wake up with these songs in my head, and somehow they apply to Bitcoin.
As I said yesterday, we are going to go through a 2-4 day pullback, and that I figured it would bounce somewhere between the 50 day moving average and the bottom of the Bollinger Band.
It should be noted that today’s drop was sudden, very quick. Early this morning, today’s candle was basically a doji with very little movement, and then the bottom fell out very quickly within about 15-20 minutes. We crushed through the 50 and bounced squarely off of the BB, and seem to be stabilizing a little bit.
Elliot Wave, which is not shown, puts this drop somewhere at a bottom of 8,000-9,000, so those are the levels we truly want to watch as this unfolds, and we already got a low of 9550 at this writing, so if this retreat lasts the calculated one or two more days, that will put us squarely in that range.
Sudden drops like this can be scary, but it’s important to remember that 2-4 days of dropping does not in any way, shape or form make a trend. This is simply a retrace after a fast runup, and perfectly normal.
One other thing to keep in mind is that volatility can come in as the 50 day MA gets ready to turn and change direction. The 50 MA has slanted down for a while now and is just “barely” getting ready to make a turn up. It’ll be flat to up soon, and some volatility should be expected.
Right now there are a lot of noobs thinking ‘this is too good to be true” and surely “they can’t take their eyes off of you” (Bitcoin/crypto). But this is a blessing. I am preparing to buy more in the next day or so.
HODL and stay calm.