Extended Corrections
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Seems like the window of buying opportunities just opened up for a little longer. I can see that several of my buy orders have went through, from $10 000 down to $8 500. I have more coming all the way down to $4 000. Like I said in my previous Bitcoin update, if we pass the 200 day moving averages we're probably going down to the 300 day line (purple line). That target is at around $8 200 and if the support doesn't hold, then we're probably heading down to the next support line.
So what does that mean? Should you sell or not? I can't make that decision for you, I'm not an oracle nor a financial advisor. I can only provide my predictions based on what I've learned. One of the lessons I've learned is that in times like these, selling bitcoin to buy the dip is extremely hard. You can make it a lot easier buy having cash on the side and setting many buy orders along every support level. If you don't have cash at hand, then hold and have patience cause we will come back from this. Corrections like these are normal and are as natural and needed like burning leaves in spring.
Here are some important updates that maybe will give some insight and perspective on what can come.
Bitcoin (BTC)
Corrections usually ends at the 61.8% fibonacci level or even lower around 80% depending on how extended the 5th impulse wave is. My initial correction target was at $8 500 and I think we're gonna stop somewhere around this area. However it's also probable that we go down to $5 500 if we break $8 000.
Verge (XVG)
Don't try to catch a falling knife. Even though we're forming a long bullish wedge, we can't know for sure when the correction is over. If you wanna buy, I would wait til we break the upper line of the triangle.
Tron (TRX)
Same here. I wouldn't buy in until we pass where the A line is. That would mean that C line is valid and correction can be over. Or if you wan't to be conservative, wait til we pass the upper triangle line with some good volume.
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
I think there's a nice opportunity to jump in on BTC for a longer term ride. If the goal isn't to time the market for quick exits and gains, grabbing BTC anywhere along this decline could provide nice long-term profits. BTC also suffers from a January dip, driven by equity investors shuffling cash around in Dec/Jan. I think the dip is exacerbated this year by greater scrutiny from regulators but I wouldn't be surprised to see a movement back up in the coming months.
Well said!
This has nothing to do with India, just like it had nothing to do with Tether of Bitfinex or the Japanese exchange before that or any of the other excuses. This is all part of a correction that some of us have been telling you all would be coming for weeks.
It will be fine. The quicker and deeper it falls, the healthier the recovery will be. I am still going for anywhere between 8.1 and 9.4, more likely near 8.1. I will start laddering in at 9.4 though. The 8.1 may just be a spike. It could also remain there for longer, but that would not be nice.
Good luck, don't panic and do not sell at a loss, but ultimately all decisions are your own.
True! It's interesting that no big news has caused this. Shows that bitcoin is still very volatile. Imagine if something huge would happen :S
To add, on the fundamentals BTC looks stronger then ever, and a correction was long overdue. But i am not sure we can't count out a bigger event that is happening right now that we are simply not aware off, time will tell. But as i said in my post early on, i am still not seeing the panic and capitulation. Maybe the extra 1-2k$ down to the 8500-7500 area will cause that and we will be able to safely rebound.
TRX 4 hour chart: https://steemit.com/cryptocurrency/@tradingroom/tron-trx-coin-update-4-hour-chart
Thanks
been trying to HODL my Xvg for a couple months now!!
Yeah patience is key
You are right about it would probably stop near 8500 USD. This time, its better to wait and watch instead of cashing out what you have invested earlier.
Yeah, I'd be happy to get some orders in and then watch it go back up again :)
Hahaha... Hope for good, its below 9k now
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I am very interested in your work an have an enormous amount of respect and envy for your knowledge and hard work to provide this content . What caught my attention most was your XVG chart . I am in the process of mineing these coins but I am having trouble finding out if the setup I have is capable of yielding the amounts that I am shooting for . If you have any warnings / recommendations they would be greatly appreciated.
I have a post with pictures of the computer that I am planning on useing . If you have time to take a look and give me some of your insight it would be greatly appreciated.
you got my follow/resteem/upvote .looking forward to the future content Thanks again !! ( ooo yea by the way , bad ass profile pic !! )