Bitcoins Inevitable retracement - The top is in for now
A bull run is much like climbing a mountain. The further the market goes up without a pullback the more anxious investors get when they look down at the nearest top and plateau.
But this is how it is in every bull market. The market throws faints and the bull shakes people off. That is why so few people are left standing at the top of the bull market who where there from the beginning of the run.
Bitcoin is due for a heavy pullack both fundamentally and technically. i explained this in detail in my blog earlier.
Look to buy between 1200 - 1350$/btc.
Charts below explain the price action.
Do you want more of this stuff?
Make sure to smash that like button, subscribe and resteem!
/Sjovmaiin
Thank you. As a beginner, the only fool tool I have is $ cost averaging. Yet having been eager to make incremental nominal investments, felt the push of the market per @wakaflockasy46's comment. Your graph offers a more visual and for me visceral perspective. I'll hold out and maybe buy a few quid's worth of litecoin or something for now instead - though the whole crypto market appears to be flying without a tether currently...!
is Mrs. Watanabe buying litecoin? if not, don't go there.
well ok - and who is Mrs Watanabe pray tell
the mostly female Japanese housewife bitcoin investor
Oh, yeah - she's a friend of my mum...
)
love the picture!
me too! I'm afraid I am unable to attribute it's origin though
Interesting perspective. You know when everyone is bullish, like what is the case right now, that something is up. Resteemed.
Thanks man. Appreciate it.
Hello, what are you using to analyze the pullback? Are those Fibonacci lines? I was thinking maybe that $1800 area would be the pullback but I'm not at all a technical analyst.
I use fibbonacci extensions and retracements.
Just looking at support, I see $1700. But @sjovmaiin, $1400 is a good resting place to fill that up gap. Resteem.
I don't think it will pull back to 1300 any time soon. I mean, I'd be glad if it did because I'd add to my position. I think that there's a lot of world political events going on that's causing this price. We will probably see a pull back, but probably not to 1300. This thing doesn't trade like a stock, I can't describe it.
I am thinking it will pull back a little, go sideways/down and back up as political/economic events unfold
As you can see from earlier runs, it makes very Deep retracements.
Dont suffer from the "not this time" - syndrome. Use reason and logic.
But at least we can agree these are not buying levels my man.