We see the bitcoin price correction is in progress. Each time this correction hits, it tends to last longer before it recovers and goes on Bullish run again.
These corrections are occurring with Bitcoin at certain price point. This year the first one hit at $5000, and was followed by $8000. At $10,000 this correction lasted 2 days before it moved up, this time the correction at $15000 is in its third day with resistance hitting at $13000.
Past price point for BTC correction
$5000
$8000
$10000
$15000 (Current correction)
Future price point for BTC correction
$20000
$25000
$30000
These milestone price points, are physiological point, where people will sell their BTC to get out. We are currently seeing lot more sell order of BTC than buy orders currently hitting the exchange. There has been almost 1 Million BTC coins traded in last 24 hours, this figure is usually lot less in normal days. Half of these BTC coins are simply bought and sold at the exchanges.
I also like to point out the next milestone of $20,000 USD is quite huge and the price will peak towards $23,000 USD before we hit the correction again, however this time the hit would be quite large and we could see the price of BTC dip below $15,000 again, and will slowly recover to $20,000 at the end of the year.
Just keep an eye on BTC trade volume in coins (not the USD value). As soon as this figure surpasses 450K BTC at the exchanges, its time to sell as the correction is imminent.
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Informative post , Time will tell!
Thank you. Yes, time will tell. Lets see how far it goes.
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