Seems like the whole world is thinking that this might be the bottom. Since yesterday, bitcoin rose from it's self off. It also seems like the market hype is dwindling down. So all the weak hands and fast money grabbing people out there are going away.
Have we all not yet realized that bitcoin is going through a correction. It needs to find it's path. Once it does, all altcoins will follow suit. In other words, if bitcoin moons, altcoins will moon even higher than bitcoin. If bitcoin bleeds, altcoins bleed even more. This is for now until other altcoins break away from the bitcoin dominance and market dependence.
In any case, let's have a look at the daily chart. I have seen updated the chart from August 8. If we go look at bitcoin's history, the mooning of bitcoin occurred roughly around May of 2017. This trend started the irregular bullish run that everyone ran to trying to get rich.
if we look at the light purple pitchfork (the bear run) and the cyan pitchfork (the bull correction), we eventually see an equilibrium point, the point of where the market has been corrected and then a bullish market onward. If bitcoin stays on it's path, then I expect the bears to end at the end of the year. If it spirals downward, then expect the correction to happen mid October. As long as the candles stay within the cyan pitchfork, bitcoin's price deviation will be in the correct ranges. April of 2019 looks like a good time that market will become stable (correct bullish trend). Any combination of weak hands and whale manipulations will affect the market.
Have we all not yet realized that bitcoin is going through a correction. It needs to find it's path. Once it does, all altcoins will follow suit. In other words, if bitcoin moons, altcoins will moon even higher than bitcoin. If bitcoin bleeds, altcoins bleed even more. This is for now until other altcoins break away from the bitcoin dominance and market dependence.
In any case, let's have a look at the daily chart. I have seen updated the chart from August 8. If we go look at bitcoin's history, the mooning of bitcoin occurred roughly around May of 2017. This trend started the irregular bullish run that everyone ran to trying to get rich.
if we look at the light purple pitchfork (the bear run) and the cyan pitchfork (the bull correction), we eventually see an equilibrium point, the point of where the market has been corrected and then a bullish market onward. If bitcoin stays on it's path, then I expect the bears to end at the end of the year. If it spirals downward, then expect the correction to happen mid October. As long as the candles stay within the cyan pitchfork, bitcoin's price deviation will be in the correct ranges. April of 2019 looks like a good time that market will become stable (correct bullish trend). Any combination of weak hands and whale manipulations will affect the market.
Yesterday and the day before, we see that there was a bullish rally. For those that bought it at that low, great for you especially if you bought VET and ONT (my two long hodl's and accumulating). In any case, I am still on track with my TA. Right now, you can see that there is a h&s forming (see the orange color). I said this at the beginning of the week and I was right. Anyway's, if you want to make a profit, don't wait too long to sell.
In my honest opinion and for my preferences, I trade against the usd/usdt market in a bear market and against BTC in a bull market. It just makes sense for me to do this. I don't know about you, but just don't wait too long.