Hey traders and hodlers!
It is funny to see that almost everybody is making a comparision with the 2015 bottom and start of the uptrend. However folks ... think ... honestly, do you really think that it's that simple??? Remember: "the majority is always wrong". Remember: "Only a few percentage of traders get rich".
After the big drop in November 2018 a correction to the upside was needed. Action - Reaction. Conditio sine qua non. The gap needs to be filled. The impulsive correcting wave that is going on right now with Bitcoin is nothing more then wave 4. The biggest correction to the downside (wave 5) still needs to come (hooray for the shorters :)). Profit takers (smart investors around the USD 3000 area) and hodlers who paid a lot of bucks for bitcoin in 2018 wants to get out of the market and will sell their bitcoin around USD 5700 - 6100 area. Equals HUGE RESISTENCE.
I don t like to make a comparision with similar dates / months in the past, it is very silly and too simple. My comparision goes to the chart of Bitcoin April 2014. After some study I see a lot of similarities. Gap got filled. Upper break of weekly 20 MA, hoovered above it and broke down again. Also after the big drop in 2014 Bitcoin slightly went up followed by a huge big green candle, after that still in an uptrend then slightly going down ending with further downwards movement and final capitulation.
Everybody who talks about crypto and bitcoin don't use it. I don't see anybody using crypto to make payments in my enviroment. Do you? For me the real value is lower then the actual price. The burst of the bubble wil continue until 2021 at least, the bear market will last much longer then most people think. The bottom will be formed in 2022 and uptrend (together with real practical use of crypto?) will start at the end of 2022 maybe 2023. The pattern is the same like in 2014 - 2015 but in a much bigger scale. The bubble of 2018 was also much bigger then the bubble in 2014.
And honestly there are still a lot of shitcoins there with 0 use. All based on the same formula. Blockchain. It is like you are eating food which only consists of grain. Maybe something else, much bigger will come in the place of blockchain?
Happy eastern evbdy and happy Trading!
It is funny to see that almost everybody is making a comparision with the 2015 bottom and start of the uptrend. However folks ... think ... honestly, do you really think that it's that simple??? Remember: "the majority is always wrong". Remember: "Only a few percentage of traders get rich".
After the big drop in November 2018 a correction to the upside was needed. Action - Reaction. Conditio sine qua non. The gap needs to be filled. The impulsive correcting wave that is going on right now with Bitcoin is nothing more then wave 4. The biggest correction to the downside (wave 5) still needs to come (hooray for the shorters :)). Profit takers (smart investors around the USD 3000 area) and hodlers who paid a lot of bucks for bitcoin in 2018 wants to get out of the market and will sell their bitcoin around USD 5700 - 6100 area. Equals HUGE RESISTENCE.
I don t like to make a comparision with similar dates / months in the past, it is very silly and too simple. My comparision goes to the chart of Bitcoin April 2014. After some study I see a lot of similarities. Gap got filled. Upper break of weekly 20 MA, hoovered above it and broke down again. Also after the big drop in 2014 Bitcoin slightly went up followed by a huge big green candle, after that still in an uptrend then slightly going down ending with further downwards movement and final capitulation.
Everybody who talks about crypto and bitcoin don't use it. I don't see anybody using crypto to make payments in my enviroment. Do you? For me the real value is lower then the actual price. The burst of the bubble wil continue until 2021 at least, the bear market will last much longer then most people think. The bottom will be formed in 2022 and uptrend (together with real practical use of crypto?) will start at the end of 2022 maybe 2023. The pattern is the same like in 2014 - 2015 but in a much bigger scale. The bubble of 2018 was also much bigger then the bubble in 2014.
And honestly there are still a lot of shitcoins there with 0 use. All based on the same formula. Blockchain. It is like you are eating food which only consists of grain. Maybe something else, much bigger will come in the place of blockchain?
Happy eastern evbdy and happy Trading!