The bulls aren't going down without a fight. Double bottom W formation was turning into a great bullish set up, but I believe the brief Binance shut down took away the momentum from the bulls. We're at an inflection point and in my opinion this the last chance the bull have to change momentum. If they fail here, I think we see a big move down to the next support level of 6850-7100. Over the week, volume has been declining and volume upticks have been due to sell offs. A healthy correction is over due and is needed to normalize the excesses caused by exuberance (FOMO).
Anecdotally speaking, I believe people who missed this run up are waiting for a correction to unload their cash. I don't think they'll establish long term positions in btc/alts at these levels. Most people seem to be looking at the 5-6k region to layer in long term buys. With that said it's difficult to call the bottom, because it just takes one whale to change the momentum. However, I think it would be wise to have game plan in case we get a correction. Personally, I've been using a weekly dollar cost strategy since December which has worked out great so far. Additionally, I have funds ready to buy at 6K and the 5k levels. DYOR and create a game plan, in the long term I think we'll all be fine.
Also, the volatility in the stock market is forcing investors to reallocate. Most will sit on treasuries, some will buy gold as a hedge, and a very small number will buy bitcoin. Moreover, the Chinese are desperately trying to take their money out of China and there's a chance they might use bitcoin as a money transfer vehicle. They did this in 2017. These two catalyst should be taken into consideration for those hoping to see huge btc discounts. To sum up, have a game plan and don't get too greedy. Good luck everyone.
Anecdotally speaking, I believe people who missed this run up are waiting for a correction to unload their cash. I don't think they'll establish long term positions in btc/alts at these levels. Most people seem to be looking at the 5-6k region to layer in long term buys. With that said it's difficult to call the bottom, because it just takes one whale to change the momentum. However, I think it would be wise to have game plan in case we get a correction. Personally, I've been using a weekly dollar cost strategy since December which has worked out great so far. Additionally, I have funds ready to buy at 6K and the 5k levels. DYOR and create a game plan, in the long term I think we'll all be fine.
Also, the volatility in the stock market is forcing investors to reallocate. Most will sit on treasuries, some will buy gold as a hedge, and a very small number will buy bitcoin. Moreover, the Chinese are desperately trying to take their money out of China and there's a chance they might use bitcoin as a money transfer vehicle. They did this in 2017. These two catalyst should be taken into consideration for those hoping to see huge btc discounts. To sum up, have a game plan and don't get too greedy. Good luck everyone.