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RE: Morning Bitcoin Summary: Up 5.21%
I am waiting for a decent correction so I can increase my position in Bitcoin. To what do you think it'll retrace in the near future? I'd hope to around $3000, which is slightly higher than the previous low.
A correction seems inevitable. 7-day SMA is $3615 and 20-day is $3088. My guess is it falls back somewhere between. But if it goes lower than $3000 we may be headed back towards $2k territory.
Smarter people than I think it could go down to about $2221: http://www.altcointoday.com/bitcoin-price-will-go-down-to-about-2221-once-it-reaches-4827/
This is the same Goldman Sachs strategist who correctly predicted July's correction.
That's interesting. The article only refers to technical analysis and I am wondering if fundamentals are being considered. Fifth wave is well and all but what if the buyers / investors just hold on to their positions or invest more.