Appears to be coming to a double top on the daily which tells me the 42000 is important.
Looking at higher time frames, the chart looks very parabolic . I'm still long term bullish but i sense a disturbance in the force, akin to the 2017 rise and 2018 correction.
Lots of people plenty nervous about how large the correction will be. IMHO the situation is different this time with much broader participation, wider acceptance and, most importantly, utilization. In fact, lets say you bought bitcoin on the last monthly candle of 2017 with the worst case of FOMO imaginable. BOOM 2018 takes you from $20k to $4k, holy crap, right? If you bought at the top and sold at the bottom then you are chump and food for the sharks, but if you had held, even buying the top, now over 100% profit.
In 2017 it was speculation driven euphoria, in 2021 it is a much different situation. Will we get a "correction" like 2018? IMHO no. Will we get a correction? Yes there will always be corrections. Was this it? htfsik and who cares, if you are a long term believer and user, it is what it is. Farther into the future the value relationship to the USD will be less meaningful. BTC|ETH pairs will be forex.
Short term traders, sure you need to watch this 42k level for a rejection.
Crypto and DeFi are here to stay.
Peace!
Looking at higher time frames, the chart looks very parabolic . I'm still long term bullish but i sense a disturbance in the force, akin to the 2017 rise and 2018 correction.
In 2017 it was speculation driven euphoria, in 2021 it is a much different situation. Will we get a "correction" like 2018? IMHO no. Will we get a correction? Yes there will always be corrections. Was this it? htfsik and who cares, if you are a long term believer and user, it is what it is. Farther into the future the value relationship to the USD will be less meaningful. BTC|ETH pairs will be forex.
Short term traders, sure you need to watch this 42k level for a rejection.
Crypto and DeFi are here to stay.
Peace!