9 APR 20
What does Bitcoin Do When It Bottoms? Seemed like a logical question to me. Does it do a 180 and head for the moon? Looking at this chart and comparing how Bitcoin reacted in December 2018 and November 2019 you might be shocked to learn that it took Bitcoin 109 days and 46 days respectfully to show any signs of real gain in price.
Notice how after the low on 25 Nov 18 in the short term there was a large 27% run to the upside and a lot of people jumped in expecting the decline was over. The same thing happened on 22 Nov 19 but that hope soon faded as Bitcoin gave up all that gain and went another 10% lower.
With that in mind I guess we should expect a long slow walk from here. That is if Bitcoin has already reached bottom. If Not I hope you’ve kept plenty of cash in case there is a better buying opportunity ahead.
Happy Trading Everyone.
Thank you for letting me shares my Bitcoin Study. I hope it helps you see the path forward in all your trades.
Remember. This is not trading advice. It is for Educational Purposes only. Follow me if you wish but I don’t Twitter and there is no Face in the Book. Please engage the like button and add your comments below.
What does Bitcoin Do When It Bottoms? Seemed like a logical question to me. Does it do a 180 and head for the moon? Looking at this chart and comparing how Bitcoin reacted in December 2018 and November 2019 you might be shocked to learn that it took Bitcoin 109 days and 46 days respectfully to show any signs of real gain in price.
Notice how after the low on 25 Nov 18 in the short term there was a large 27% run to the upside and a lot of people jumped in expecting the decline was over. The same thing happened on 22 Nov 19 but that hope soon faded as Bitcoin gave up all that gain and went another 10% lower.
With that in mind I guess we should expect a long slow walk from here. That is if Bitcoin has already reached bottom. If Not I hope you’ve kept plenty of cash in case there is a better buying opportunity ahead.
Happy Trading Everyone.
Thank you for letting me shares my Bitcoin Study. I hope it helps you see the path forward in all your trades.
Remember. This is not trading advice. It is for Educational Purposes only. Follow me if you wish but I don’t Twitter and there is no Face in the Book. Please engage the like button and add your comments below.
