Bitcoin has been following a false hope pattern since the beginning of this correction. The fall has been systemic, such that investors get comfortable at the end of every 77 day interval of correction. As you can see, at the end of every 77 day interval, there is a false hope signal making you believe Bitcoin is about to take off but then again the very opposite happens. Bitcoin has been the contrarian investor's friend from the very onset and enemy of the one with herd mentality. Just when everyone starts to think, it can't get any worse, it falls further. Similarly, when most cash out thinking it can't go any higher, it goes even higher.
Times like these call for evaluation of your trading/investing strategy. You don't have to sit in front of a computer 24/7 to see what is going on. A shrewd investor should have seen this coming from afar. However, most of us give in to emotions like fear and greed and end up losing on our trades. The key to survive in times like these is to think with your head, not with your heart. As much as I'd love to see Bitcoin take off from these levels, this is not the end of the correction.
Bitcoin will fall below $6,700 and test lower levels in the days ahead. Whether or not we will breach $5,000 this time remains to be seen. I will not be surprised if it tests the red support line near $4,800. However, I'm not looking to find the perfect bottom here. I would be comfortable buying even at the current price of $6,700 if it did not make me look like a fool. Lol. Anyway, I should like to mention that Bitcoin's best day are ahead of it. A fall to $5,000 or below might be a temporary setback but long term, I have no doubt whatsoever that Bitcoin can reach a price higher than at least $50,000 this year or the next.
Times like these call for evaluation of your trading/investing strategy. You don't have to sit in front of a computer 24/7 to see what is going on. A shrewd investor should have seen this coming from afar. However, most of us give in to emotions like fear and greed and end up losing on our trades. The key to survive in times like these is to think with your head, not with your heart. As much as I'd love to see Bitcoin take off from these levels, this is not the end of the correction.
Bitcoin will fall below $6,700 and test lower levels in the days ahead. Whether or not we will breach $5,000 this time remains to be seen. I will not be surprised if it tests the red support line near $4,800. However, I'm not looking to find the perfect bottom here. I would be comfortable buying even at the current price of $6,700 if it did not make me look like a fool. Lol. Anyway, I should like to mention that Bitcoin's best day are ahead of it. A fall to $5,000 or below might be a temporary setback but long term, I have no doubt whatsoever that Bitcoin can reach a price higher than at least $50,000 this year or the next.
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Here we go.
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Fall to $5,400
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So, somebody thought a couple million dollars is to be made suckering in the ETF fanboys in additon to the $200 mil short squeeze.