Bitcoin Drops Below $5,000 as Crypto Markets See $13 Billion Sell-Off
The cryptocurrency asset class saw a broad sell-off on Saturday after bitcoin passed a notable milestone in its price history.
Read the full story here:
https://www.coindesk.com/bitcoin-drops-5000-crypto-markets-see-13-billion-sell-off/
I'd say this drop is a good thing given the rather steep rise over the past week. BTC had previously built a strong base around the lower $4,000 area, with 3,800 shown to be solid support. It was from there that the previous high of 4,460 or so was taken out.
Then it moved too high, too quick. There wasn't enough momentum yet to challenge that very critical level of $5,000 even if it did come close.
The market has to undergo a correction first, with weak holders being shaken out. And replaced with stronger hands. I'm looking at the previous highest point of $4,450 to provide strong support. That would also be a good point to start buying for those who plan to come in. Plus to add more.
BTC will likely break past $5,000. But it won't be in a straight, unchallenged line.
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Some of it is really cool!
It was an incredible move though. Blue sky breakouts everywhere. With catalysts in Asia and with Litecoin news. Another bull flag consolidation will do me. ;-). Onward.
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