BTC - I don't think that was THE DIP...
I don't think that dip in BTC was the big one, not yet
I have been fully expecting bitcoin to pull back decently after the halving.
Something in the area of 25% would very much jive with what happened during the last halving as well as some of the price action we saw with BCH, BSV, and LTC.
That being said, bitcoin just dropped by roughly 20% from the highs to the low yesterday, and a drop like that doesn't help but get one to wonder if perhaps that was THE DIP I have been waiting for...
In my opinion, it was not...
In fact, the price action looks very much like what we saw last halving...
Pay attention to the red circle on the chart below:
As you can see bitcoin ran up significantly into the halving, and then it saw a large dip right before the halving actually occurred.
See what I am talking about in that red circled area above?
What happened next?
Well, from there, prices recovered a bit into the halving and went mostly sideways for the next couple weeks.
Then, the bottom fell out again.
This time dropping prices that roughly 25% I was talking about at the beginning of this post...
If we are to act in a similar fashion this time around, I would not be surprised to see bitcoin trade up between $8,500 and $9,000 for the next several days, and weeks.
Then a 25% retrace from there would take prices down to somewhere between $6k-$7k.
There is a ton of support on the charts in that area as well, which adds some credence to a good turning point if prices do get all the way back to those numbers.
Personally, I will start buying if we get below $8k again.
I am already holding my long term core position, but if we get a dip under $8k, I will be adding to my trading totals.
Stay informed my friends.
-Doc
A capitulation of bitcoin before halving was clear and I think the behavior of this currency is predictable in the face of this highly anticipated event by all of us; after halving, it may go up but not as much as we would like, we will see new long finishes.
For me these auctions can make the price of bitcoin between $ 6000 - $ 7000, and a consolidation of several months, just like the previous halvings. 2021 is the year of the boom driven by the need to look for something that does not devalue, that operates within a risk portfolio beyond metals and that is where our currency enters.
And for maximalists, like it or not, after this, altcoins will have their moment later.