Actually I'm not expecting it to. I do know that many are hoping for a quick correction and for the BTC train to move ahead on its merry way again. But I'm with you on the technicals - I feel it will take some time before the $5,000 level is challenged again.
Instead of "the $5k point", the more immediate action for BTC is in ensuring whether the support level holds. Then it will have to form a new base where the daily moves are somewhat flattish although with shallow up and down spikes. Like it had been previously when it was around 4,100-200. Before challenging and breaking the previous 4,450 high.
I also believe that in the near future, there will be a shakeout. Weak holders who came in near the high will cut loss. Plus those wanting to lock in their profits. We will have to see the price action over the next few days first.
I'm fine if I were to be proven wrong, i.e. this correction will be swift as some people hope. But I don't think so. In fact I'm anticipating some turmoil and pain ahead.
Sorry buddy, but :
if it was a normal technical analyse of an Stock ( a real company!), yes it will be a bouble and price needed to eventully fall!!!
BUT its BTC people!!!!!!!!!!!!!!
every day 1000s of pepole are joining!!!!!!!!!!!!!!!
And they willing to pay a lot of:
Its BTC people!
Get the vision!!!!
"every day 1000s of pepole are joining!!!!!!!!!!!!!!!" <--- With nobody selling...?
BTC now at $4,422 ...
Would be great if those "1000s of pepole (sic)" were to come in right now as the charging cavalry.
Sorry buddy - the market doesn't care if it's bitcoin or jackshit. The law of supply and demand always holds true.