@jrcornel - Typically, a massive bull run is always followed by almost a 38-50% correction (as the wave theory predicts and I have seen happening in many stock/commodity markets). The patterns in bitcoin price seem to be following that as well. Sometimes the corrections are more pronounced - due to special factors like fears of a fork (as you have correctly pointed out), doubts of the Government stand etc. but I am sure that in the end, the basic value in crypto concept will carry it through and bitcoin will rebound back. I am hoping to be able to gather resources to buy when it is cheap. I think the correct time would be after another week or so since the downtrend may continue till 1 Aug per your reasoning. Thanks for this. Got me thinking about buying! Upvoted and followed you.
Though I have dabbled in conventional stocks, I am no expert in crypto - I am more into wildlife and travel (having stepped back from the rut of being a successful executive), I continued my observations today of nuggets of wisdom from wildlife and wrote a blog 'How to Chill - 🐵
Monkey Style' with my wildlife photos and musings with a twist. I request you to take a look at it when you have time. Your comments, as always, would be an encouragement and incentive for me to make better blogs. Thanks
Good points, and glad I could help. I have been looking at that 50% retracement level as a possible good spot for the crypto space to hold up. That would be roughly the $55-$60 Billion dollar area, so a little more carnage to come possibly. I'll give your blog a look :)
$55 is my target as well!
@jrcornel - Thank you for your prompt reply and taking my viewpoint onboard though I am just a newcomer with not much knowledge of crypto.
Thanks for taking the time to visit my blogs. Really appreciate it.