Looking at bitcoin technically with fib retracement, bitcoin began its most recent correction when it broke down from the 15k support chamber. After some panic selling broke it down through the 12k resistance it broke back up to test 15k once more. After its 15k rejection and retest of 12k there still seems to be solid pressure downwards from where it currently sits around $13,900.
Normal correction patterns for bitcoin are record setting highs followed by 50%-80% loss in value before climbing back up to new all time highs. With these facts in mind for the moment it seems this most recent dip is not yet over. I would not even consider buying until we bounce from either the 10k fib chamber, or the 7.5k one. Be careful not to fall for bull traps along the way and FOMO yourself into a loss of 20% or more of your stack. Even if bitcoin plans to set new all time highs after this correction, it will need to go lower than it is now before it can do so.
thanks, I agree. I don´t believe hodling is such a bad idea long term, but I think now is not a good time to get in for traders, unless you are trading the 1min charts....
Bikko_Koiwai
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@doremifasol, I think it is likely BTC will return back to its peak after a correction, but it is also equally possible that something finally replaces the dinosaur that it has become. It still has the name recognition, but with network fees and settlement times rising exponentially something will have to take it's place sooner or later. In my opinion BTC will likely recover and set some new crazy record high again (maybe 50k or higher) and then begin its withdrawal from the top 10 marketcap list. This is just speculation of course, but I don't think a fork can fix BTC at this point. ETH has always seemed like a comfier hold to me in terms of top 3 coins.
doremifasol
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@Bikko_Koiwai, Yes, I agree. It has certainly become a dinosaur. It could well become futures Gold, but with so much velocity seems unlikely. Thanks for great chart. Best regards :)