Here are a couple of scenarios for Bitcoin
. We have had a nice rally without a nice correction. Bitcoin
needs more juice to push higher. Therefore a healthy pull back could be in the making. Pull backs or corrections are needed and are healthy in any market. Anyone who hate corrections are typically emotional traders without a plan. Investors who are long term investors can position themselves to take advantage of these price levels. It's easier to be an investor in a Bull Market. Patience is all you need. Price will come back to key levels if the asset is valuable. Parabolic is not what we want with BTC
. The longer the parabolic move the deeper the correction. We want healthier moves with decent corrections.
If we break $17,000 we could see a deeper drop. If we break above $20,000 and close we could go higher. However, keep an eye out for a potential Double Top
. If a Double Top
occurs, that's a nasty drop coming...