Bitcoin seems to be following the New Paradigm Chart very well. I'm not a Bitcoin hater, I want Bitcoin and the Alt coins to succeed, but we can't wear rose colored glasses we have to be realistic. Bitcoin looks bearish still. It would seem a correction to $4500-5000 then back up to around $7500, then back down again to $3000 where we fall under the 'mean'.
I still have I hopes for Bitcoin and Alts coins and believe they are here to stay, but as far as right now Bitcoin going back to $20,000 and beyond doesn't seem likely.
People need to keep in mind that Bitcoin has been bullish the whole year of 2017. There were some corrections but nothing like this one. This is a much needed correction. Nothing just goes straight up. If you think of bitcoin's peak as a mountain top, for bitcoin to create another mountain it must first create a valley.
t's easy to get lost in the details. Sometimes you have to step back to see the full picture in view.
katyusha
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I'm neither pessimistic nor hopeful, simply neutral and trying to stay technical. I am sure that we will at least once retest the previous low of 6000. The overall bearish trend leads one to think it's a very clever bulltrap forming lately. Thank you for your analysis.
Some ideas:
(Good things come to those who wait)
and
BeingCryptic
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@katyusha, Yes anything can happen. Neutral is good.
t's easy to get lost in the details. Sometimes you have to step back to see the full picture in view.