If history is any indicator, you want to be buying this next dip.
We have talked about this several times in the past, about how similar the recent price action is to what happened back in 2015.
Even this most recent bounce and drop all look very predictable based on what happened in 2015.
Given that context, what might we expect to see next?
I am glad you asked!
Based on the price action from 2015 we can expect a dip very shortly.
A dip even bigger than what we have seen thus far.
Adding more support to that is the bearish divergence currently being seen on the RSI indicator.
How far can we expect to fall?
Given the similarities to 2015, one might expect to see something like this:
(Source: ~~~ embed:1121853852427476996) twitter metadata:Q3J5cHRvSG9ybkhhaXJzfHxodHRwczovL3R3aXR0ZXIuY29tL0NyeXB0b0hvcm5IYWlycy9zdGF0dXMvMTEyMTg1Mzg1MjQyNzQ3Njk5Nil8 ~~~
As you can see, back in 2015 when we had this setup, prices dropped about 30% from peak to trough.
If we had something similar happen here, we could expect to see prices down somewhere around $3,900.
Personally, I don't think we will go that low.
However, I do think we could easily see a dip down to the $4,200-4,300 area, possibly all the way to $4k.
I think you want to buy that dip though.
Look at the chart above and pay attention to what happened after that dip in 2015...
It marked the lowest point on the chart for the next 2.5 years and prices ultimately peaked about 60-70x higher.
If we saw something similar, where we went down to $4k and then had a similar rally, we could see prices north of $200,000 and it would happen by the end of 2021.
I am not sure we go that high, but I think we are going to break the old highs during that time frame, and probably by a wide margin.
Stay informed my friend.
-Doc
Buy the dip or put buy order around that range. :)
Posted using Partiko Android
There you go. That is a very good plan, especially since bitcoin trades round the clock. Your price may be hit while you are sleeping!
The abc of crypto.
Eat, sleep, trade, repeat.
Pretty much.
Good advice.
Posted using Partiko Android
I've missed trades due to not setting them ahead of time.
Sometimes I feel like a Dip 🧐
When you didn't buy bitcoin on its dip?
Why not this year ... :)))
It could happen, but it wouldn't be the pattern we have seen play out a few times.
We see :) ... everything can happen here in a week or a month, so lets hold all ideas open.
Of course, anything can happen.
Patience right 🙂. However the return can be very interesting.
Posted using Partiko Android
We see :))
Sti up
Posted using Partiko Android
Still up
Posted using Partiko Android
Yep, a dip is likely coming though. I would be ok with it never coming as well though.
Alot analyses are predicting this. Indeed a good opportunity to load up.
Posted using Partiko Android
If everyone is expecting it, it may not happen. Markets are funny like that.
Well yes, anyway I will be verry excited within when the market goes boom again. Those are the days 😎.
Posted using Partiko Android
Yep, hopefully they are coming again, and soon.
I like to call this a second chance for people who have been sleeping and didn't bought at the bottom!
That is exactly what it is.
I sold my BTC last week for just that reason... I could have ridden higher to 5.6 but am happy with 5.1 which was already nicely in profit anyway... now to buy more BTC after this dump
I think a lot of people are hoping for that same thing.
Do you this what happened with Bitfinex will bring the dip lower?
Posted using Partiko iOS
Nope. In the long run shouldn't affect bitcoin too much.
i'm buying at 4k too if it makes it that low - onward and upward after that (hopefully!)
You and me both. Hope it gets there!
Given the trend being broken, it probably means less short sellers being brave enough to put down more capital even as we get closer to $6k. Range bound is something to get used to for a while I think.
Posted using Partiko iOS
I agree. I think we will be lucky if we get anything below 4,700. I will be waiting if we do.
crosses his fingers hoping that we go as low as 1K 🤣😏😜
Posted using Partiko iOS
I sincerely hope that doesn't happen, mostly for steem's sake!
Not sure if you know who Bob Lucas is but he has a Great link on YouTube to check out discussing the 4 yr Market cycle and where we are in it and what to expect... he's very respected in the trading market and recommend everyone to check him out
Thanks for the info and happy trading
Posted using Partiko Android
Yea I have seen stuff like this. The cycles are slightly longer each time, but that may be coincidental. I think seasonal patterns may be at play for some of these patterns.
Not now
Posted using Partiko Android
Why not?
Thanks.