This morning BTC took a large drop for reasons unknown to the wider community. It has been rumored there is 500,000 BTC coins for sale at the 3000 level. In my opinion this has been picked up by those eager to short BTC which requires margin. Only yesterday it was widely regarded if BTC was to break through 3000 resistance, 4000 is in the cards in even a shorter time frame. This exuberance gave contrarian shorts to go all in and as BTC briefly went above 3000 due to frenzied buying in the Asian markets Margined shorts were liquidated en masse resulting in the 30% correction we are seeing today.
It is my opinion this is a temporary situation and should be seen as a buying opportunity, or a HOLD. Because BTC simply touched 3000 does not mean the party is over. Increasing awareness, the ICO pace, and adoption combined with a general feeling of BTC as a 'store of value' will continue to push the price higher. Mush past the 3000 level.
These are my own opinions. Please do your research and consult a financial advisor before investing in any speculative asset class.
My recommendation is Strong Buy under 2800 and Hold.
It is my opinion this is a temporary situation and should be seen as a buying opportunity, or a HOLD. Because BTC simply touched 3000 does not mean the party is over. Increasing awareness, the ICO pace, and adoption combined with a general feeling of BTC as a 'store of value' will continue to push the price higher. Mush past the 3000 level.
These are my own opinions. Please do your research and consult a financial advisor before investing in any speculative asset class.
My recommendation is Strong Buy under 2800 and Hold.