From a little over $3K to less than $1.8K in just a few weeks time, bitcoin has taken a bit of a beating as of late, but should we be concerned about it?
Well, I'm far more excited than I am worried, and no, I'm not a bitcoin bear. I've been bullish since I bought in for the first time at around $220/ BTC and I remain bullish on bitcoin and the crypto-currency market as a whole.
Why?
Good question!
Let's Have a Look at a Chart, eh?
Logarithmic Chart of BTC/USD (BITSTAMP), 3-Day Candles:
Source
As you can see from the chart, bitcoin was WAYYYYYYYYYYYYYYY overdo for a deep pull-back (price correction). It traded well above the long-standing (numerously tested) upper price channel and above even the "blow off top" level of that channel. It was only a matter of time before price would have to come back to test the median line (red dotted line of the price channel).
This is actually HEALTHY!
Bitcoin and the crypto-currency market was in dire need of this correction; this opportunity for old bulls to change hands with the new bulls and, more so than that, the "smart money" (big players). Of course, this is only my opinion, I am bullish after all, but the technical analysis (TA), as I see it, backs up my position.
For as long as the bottom price channel holds closes, this market is still a bull in my eyes.
FYI, the median to the price channel is sitting at around $1650 at the moment. The bottom of the price channel is around $1,200.
We'll just wait until the bullrun continues!
Why wait? ;)
We will go on a bull run once all this segwit2x stuff settles down
I think you're right.
Thanks for the perspective! Long term, crypto bull market is JUST beginning! Long ways to go here~
Agreed. We've only just begun :)
The charts doesn't lie, it tells the future. Bitcoin might hit the below 1,200 dollars but the exciting part is the new rally for the new highs after the Aug 1st bump on the road @jamesbrown
That's how I see it too. I'm not the least bit worried for bitcoin and especially not for the overall crypto market.
Nice post :-)
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