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Yesterday, a lot of people discovered a secret about Bitcoin...
It is one of the most volatile assets you can invest in.
But that's why the trades are so juicy here. Yesterdays 30% drop is tomorrow's 60% bounce. Nothing goes up forever, so you can't have one without the other. But, where are we in the overall trend of Bitcoin? Is this the beginning of the end, or just reality sinking in?
First - let's take a loot at the longer term price to regression:
The model missed a few bucks on the top, but the price ultimately was in a position where it was either going parabolic of retreating into itself. 99% of the time - it will retreat...
On the shorter term trend, we can see that the price pulling back to the middle of the channel. This coincided with the RSI pulling back into it's rising trend line. At the lowest point of the pullback, the trend had been broken - but it's where the price closes that ultimately matters. Volume took a sharp uptick - a huge amount of volume. But it wasn't enough to break any significant trends.
This is all good news for the long term health of the cycle.
#crypto
Yesterday, a lot of people discovered a secret about Bitcoin...
It is one of the most volatile assets you can invest in.
But that's why the trades are so juicy here. Yesterdays 30% drop is tomorrow's 60% bounce. Nothing goes up forever, so you can't have one without the other. But, where are we in the overall trend of Bitcoin? Is this the beginning of the end, or just reality sinking in?
First - let's take a loot at the longer term price to regression:
The model missed a few bucks on the top, but the price ultimately was in a position where it was either going parabolic of retreating into itself. 99% of the time - it will retreat...
On the shorter term trend, we can see that the price pulling back to the middle of the channel. This coincided with the RSI pulling back into it's rising trend line. At the lowest point of the pullback, the trend had been broken - but it's where the price closes that ultimately matters. Volume took a sharp uptick - a huge amount of volume. But it wasn't enough to break any significant trends.
This is all good news for the long term health of the cycle.
#crypto
