Hey Cryptofriends,
Apologies for not having posted updates but I fell pretty violently ill on Saturday and only just starting to recover. So let's look at what Bitcoin has been up to these past few days...
So the sentiment I had in my last post appears to have been correct, in that the bears clawed in deeper and pushed the price down all the way to around 5.8k. Bargain of a century, or is crypto dead? While many may think Bitcoin is going to die, if you look at the history of BTC you can see that it has always risen from the ashes, stronger than ever. Not to mention that the technology is still in its early stages and very promising - we live in a world of programed obsolescence, but BTC is still too young to die in my opinion.
Now, what's very interesting to see here is the sudden increase in volume we've been seeing, with a lot of buying action happening once the price dropped to 6.5k and 6k. We seem to be very close to that reversal we've all been waiting for - however I think there will be one final push down to around 5k before we start seeing some lasting recovery. I am not a financial advisor and this isn't financial advice, but we've got a pretty sweet deal right now to BUY&HOLD.
We probably won't see an immediate bull run once the reversal happens, as BTC will need to strengthen its position a little and find its support zones. But who knows - we may shoot up again and repeat this cycle once again. Crypto4ever!
Safe trading friends :)
Hi mr-swiss, this is a clear Inverse Head and shoulders pattern, after a downtrend signals a potential reversal to the upside.
Even if it is only temporary because the general downtrend of BTC still remains.
Hey birrarossa , I see what you mean however for me there is too much weakness in the pattern - that is why I believe the price will dip again after that nice little bump. However, I think that with this dip we may get a very strong head and shoulders bottom that will be formed. This would be very good for the market, as it would give a clear sign that a strong reversal is likely :)
This would be my dream reversal scenario :) let's see what happens tomorrow!