Bitcoin tested $8,000, a good start to buy the dips
I have been preaching for quite a while about bitcoin testing $8,000, and today it did. From all-time high Bitcoin corrected 61.8%, if it was stocks that would be a major crash, only a fool would not worry. But we are in a different asset class and this correction is nothing less than a normal correction. Price has to breath out before continuing the trend.
Correction is not a point on time, but a process. There is no guarantee that the price won't make another low, but that will just be another great opportunity to buy. As a process, I'm looking for bitcoin to break the resistance trend-line first, then a break of $12,000 for confirmation.
According to EW count, Bitcoin correction is A-B-C-D-E. Actually this type of correction I like more than a classic ABC because this correction is more natural, it took longer plus presented a better buying opportunity.
This is exciting times.
Please read my previous bitcoin posts:
https://steemit.com/cryptocurrency/@ctyptouniverse/bitcoin-poised-to-test-8-000-before-rebounding-to-new-all-time-highs
Follows and upvotes are appreciated :)
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.
Bad strategy lol
ok, actually Bitcoin rises and falls, i doubt if it could be constantly stable. During the fall is just as opportunity to buy and vice versa.
Looking more and more like a buying opportunity by the day! Long term Bitcoin will definitely bounce back to where it was a few months ago. Following you @cryptouniverse
Word of warning: That didn't work out to well for Enron investors.
The other part of adage is: be fearful when others are greedy.
Everybody thinks the Bitcoin is a bubble; I can understand why. But thinking outside the box and after Bill Gates's quote predicting the price of Bitcoin will reach $500,000, below is an interesting article on how this innovative (investment) currency may develop by using a MonteCarlo simulation. Reducing the actual average annual return from 2354% to a more reasonable average annual return of 15% and an annual volatility of 79%, there is a 2% probability that Bitcoin could return to a $10 value. Nevertheless, what is interesting is that there is a 50% probability that the price will rise above $50,000 dollars by September 2023.
So curious to see what will happen though!
https://www.diaman.eu/single-post/2018/01/20/MONTECARLO-Simulation-on-Bitcoin-price
Interesting read. There was no doubt bitcoin was overpriced above 18K, price has to go back to mean and have a healthy growth. Nothing can keep going exponentially.
The news I hear is about regulation, which is not bad. As a matter of fact regulation is needed to keep scams out, it will help the industry over the long term. I only use regulated exchanges like Coinbase (gdax) and Gemini, and there is nothing wrong with that. Wish there were more regulated exchanges (or real decentralized ones).
Now am seeing an optimistic person relating like a true investor in bitcon,sure bitcoin is facing a down time which is beneficial to give a buy because prople will want to trade it out due to the uncertain future in the value of bitcoin but from general analyst and from my own knowledge of speculation,its just a plan to get x3 when its value bounces back because for those that keep theirs in stock will sure benefit because bitcoin can never get a down side in value for the whole year,nations have start to legalize it as a legal tender and that will make a great push. Thanks for your info too with the news on bitcoin drop everywhere.
Thank you for your kind words. Myself, I'm a long term contrarian investors. I like doing the opposite what the masses are doing, and until now it paid back well. We'll see.
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