Lets take a look at this last "bull market". We have a perfect 0.618 retracement from our All time High to our "bottom" from last year. From there we formed market structure at the 0.382 level or $9433. That level broke which is what caused this recent dump. Our next support is $7012. From there I expect a breakout to the white dotted resistance line around $9000.
Long term I am very bearish on Bitcoin. I don't believe there is anything other than hype and greed driving this market. There is little to no real world use as the currency is unusable at over 500k daily transactions. For bitcoin to be mainstream, it has to be sustainable at a few hundred million daily transactions. With the high fees and slow performance at only half a million, it is laughable at best.
Your only chance at getting rich as of now is to make money on the way down. For example, I have a leveraged short position opened at $10,000 with $10,000 of my own money at 10x leverage. If bitcoin dumps to $2,000 as shown in my chart, I will make $50,000. If you shorted at the top of this downtrend channel with higher leverage, you could have made more.
If you would like to actually start making money, instead of losing every time, sign up on Bitmex below using my link.
www.bitmex.com/register/ltRc8p
Long term I am very bearish on Bitcoin. I don't believe there is anything other than hype and greed driving this market. There is little to no real world use as the currency is unusable at over 500k daily transactions. For bitcoin to be mainstream, it has to be sustainable at a few hundred million daily transactions. With the high fees and slow performance at only half a million, it is laughable at best.
Your only chance at getting rich as of now is to make money on the way down. For example, I have a leveraged short position opened at $10,000 with $10,000 of my own money at 10x leverage. If bitcoin dumps to $2,000 as shown in my chart, I will make $50,000. If you shorted at the top of this downtrend channel with higher leverage, you could have made more.
If you would like to actually start making money, instead of losing every time, sign up on Bitmex below using my link.
www.bitmex.com/register/ltRc8p