PANIC Over? RECOVERY in Full Flow? Here's My Current Analysis.
Hey guys, just a quick post to say that I believe the recovery has well and truly begun, so I hope you didn't give in and sell! I hope you held your nerve and bought more at the discount prices! If not, it is a valuable lesson learned for the future.
In the image below you can see the 4 Hourly chart of Coinbase's BTC/USD pair. My belief is that if BTC/USD closes strongly back within the expanding triangle pattern and remains trading within it or shoots up even more, then the crypto panic is over for another significant period of time.
What are your thoughts guys? Do you think the crash has ended and we are only going up from here? Or do you see more potential for prices going downwards again? Let me know in the comments!
And as always, up-vote to support the blog and follow me and I will follow everyone back! Thanks for reading.
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
While I am happy to see the big bounce today I do worry about a few factors. This may be a bull trap as the prices are pumped for a few days and profits are again secured, then the dumping will begin. I saw BTC go to its lowest control point since the run up of last year. I looked at charts and I think it may continue to bounce around up to 13-14 but slowly settle down around the 8000 mark. I am a long term holder and very diversified so I will just HODL regardless of the outcome but it will be interesting to watch it over the next few days/weeks. Thanks for the article! Please up vote and follow! Cheers
You could certainly be right about the bull trap man. I am HODLing long-term as well, so as you said not to bothered about price possibly going down lower again, i'll probably just buy more if it does lol.
Yeah, me as well. I think this year will be big for cryptocurrency as the media picks it up more and with different countrys adopting it and implementing it. It will be cool to look back at all of these posts in a year and see where things are at.
Although I have never seriously considered selling even after seeing my portfolio gettinng slashed in a half (on paper), I think I was not appropriately poaitioned/prepared for the correction. My bTc holding was too low, so I could not pick up as many other altcoins (which tend to crash harder than btc but bounce back up quicker) at cheap prices as I wanted. Also, I did not want to throw new cash into cryptos. Definitely a lesson there for me to always hold a healthy chunk in bitcoin. I think anywhere between 25-40% in btc when the market is looking toppy is sensible.
Kinda relieved to see things improving, although I will be very cautious until bitcoin is in 14000-15000 range.
I dont really think the crash has ended, its recovering too fast to be true :) but nobody knows :)
You make a good point, price did recover straight away without any side wards movement. So we could have prices come down again soon and especially with the first CME futures contract settling on the 26th of this month. Hopefully prices do come back down a lot because I want to buy more at a cheap price.
yes!! lambo back on! investingtips
With love, sincerely yours
harj : ) xoxo
Abstract artist and Steemian
I don't think we're out of the water yet. It will take a while to recover but support wall for BTC will change to 10k.