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RE: Bitcoin (BTC) Morning Update: Fractals within Fractals!

in #bitcoin7 years ago (edited)

Absolutely agree with you here. Overall trend is bearish. There have been a couple of bull traps - I got suckered by one of them - but the bigger picture/trends show a highly probable downtrend which will continue. Volume is very low. Sellers are still completely in control of the market, and Mt. Gox trustee still has $1 Billion BTC to sell (hopefully not by doing another open market order dump).

Right now, I'm taking all bets on BTC hitting 4K before it hits 12K. That's the smart move at this point in time. Until many more indicators say something different, it's not time to be buying into more BTC right now.

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would be a nice time to buy alts :)

Why buying Alts? They have mostly tracked up and down with BTC, more or less

Agreed. I also got suckered into one of the bull traps. But back to rational now, and I have all the fiat sitting on the sidelines waiting for the clear bottom. It is possible that the bottom would even be lower than $4K, so no reason to rush into buying as soon as the price hits$4K for first time

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