And there the daily correction came in the crypto market. Zoom out and look at the bigger picture
Please, people - do not sell in panic at this point. Take a look at this home made chart, just to illustrate how ridiculous Bitcoin has been the past year.
Do you see that almost vertical line that has been going on for almost 17 days? That's a 80 degree angle line going almost straight up. Even for Bitcoin that is ridiculous.
The second line could of course be challenged too, and not hold, without me even worry a bit. THEN it's the third line at a what is it? 65 degree angle? forming a nice trend-channel with the outmost line on the left.
If Bitcoin leaves that trendchannel wich it is currently trading inside, or a drop below support around $16500 thereabout I would be concerned that we're in for a correction.
But not even a correction is a bad thing at this point. You see that line on the bottom there? That's a long term bullish line. So even if we hit something like 8-10k some time the next month or two, we're STILL bullish.
Please keep calm and just hodl. I know you will, but it's always nice to remind oneself of the fundamental facts when small corrections happen. Zoom out and look at the bigger picture.
This is just cryptos. Three hours ago the markets were at 650 billion, now they are at 605 billion, trying to find support. I suspect it will, and nothing has changed fundamentally.
great analysis of bitcoin thanks for information.
Hold till the moon!
Yes Bitcoin is rise up!
i think those who will sell are speculator, am holding on all of my cryptos
great technical analysis!!
Brilliant analysis!
I think there's enough new money coming in to at least keep any pullback orderly, but a correction certainly isn't out of the question. I was looking at older charts last night from 2011, and the current parabolic move looks very similar to the one in 2011. Of course there are more people in the market now, which should help smooth out volatility to some extent, but nothing goes up forever - or at least nothing has in history to this point.
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And there are others rising faster than BitCoin.
HODL!!
I think people selling are just looking to buy the next dip. That’s it
Let’s hope for 2018 to be even better than 2017 was for crypto!!!