Is Bitcoin correcting like it did in The Spring of 2013?
This is a quick sketch of a thought: What if Bitcoin is correcting like the bubble of Spring 2013 instead of the subsequent one in November? It's tough to say if we'e reached bottom yet. However, if we are indeed following the pattern of the last Block Reward + Bubble era then this era will have the Bitcoin price recovering from this correction over the next few months and then leading to a bull run possibly up to $100k/bitcoin before we see a possibly year long (or more) correction.
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Let's see if 4 is already in or if double bottom is needed.
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Evidence suggests good chance 4 is in. Fiat reserves incase of sharp decline not a bad idea. Also not a bad idea to sit on your hands until market begins to move.
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Careful selling into fear.
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Price resting on that lower mid channel line. A bounce here would be nice but would not guarantee end of bear trend.
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As it was written elsewhere, "I find it hard to believe that a growing institutional sentiment toward cryptocurrency / blockchain, will be the catalyst for a bearish market or full retracement "
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This would be a nice place for a bottom.
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Follow the blue path? :D
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A retest of that lower trend line around $4k is possible if momentum doesn't change soon for Bitcoin.
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Wave 4 in IMO
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Close to or nearly at bottom
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Based on this chart we have touched support and are ready to move up!
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Sitting on log support.
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Support broken