With the yearly high projected at $13,000, this is definitely not an area that I would be buying in. Looking at 2017 as an example, the yearly high can clearly be destroyed but I expect that 13k will at least be an area that will be highly tested as support and resistance.
When using the Commodity Channel Index to print red and green background highlights to display buy and sell zones or cyclical trends, we can see that this has been pretty accurate in the past. Red zones are usually accompanied by a 20-50% correction in bitcoin. This type of correction will be a great opportunity for many to buy back in who may have been surprised by the height of the recent rally.
BUY THE DIP! #BTFD
When using the Commodity Channel Index to print red and green background highlights to display buy and sell zones or cyclical trends, we can see that this has been pretty accurate in the past. Red zones are usually accompanied by a 20-50% correction in bitcoin. This type of correction will be a great opportunity for many to buy back in who may have been surprised by the height of the recent rally.
BUY THE DIP! #BTFD