BTC - Pop then Drop?
Bitcoin is climbing back after the recent selloff, though that may be short lived.
Looking at the charts, we can see that bitcoin recently had bit of a dip after getting almost all the way to $5,500.
Since that time, bitcoin has pulled back to right around $5k.
As I type, prices are showing some strength, getting up near $5,100...
(Source: https://www.coindesk.com/bitcoin-defends-psychological-support-line-after-dip-to-4900)
What does that mean?
In the very short term I think prices may continue to rally, possibly getting up near $5,300 again.
That area marks the downtrend line where prices broke down from.
Once we get near that area I would expect prices to get rejected and then head back to $5k, except this time I think they pull through to the downside.
From there, there is good support around the $4,700-$4,500 area and then major support around the $4,200-$4,300 area.
(Source: https://www.coindesk.com/bitcoin-defends-psychological-support-line-after-dip-to-4900)
My thoughts:
If you can be bitcoin sub $4,800 I think it is a great buy going forward, because I think this dip will be short lived.
Once we bottom out on this dip, I look for prices to start to trend back up and challenge $6k.
In fact, I think we are just starting a 2 year bull cycle on bitcoin, which means don't get too cute trying to time bottoms and pullbacks, especially if prices are going to make new highs.
Stay informed my friends.
-Doc
And now it's will pop again
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Pop first, then pullback after. That is my call.
Are you sure it’s not the Stop Drop & Roll? 🤪
I don't like stop and then drops at all.
My buy orders ranging now between 4600 and 4800, will see
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I think that is a good spot. I am hoping we go a bit lower, but that would be a good spot as well.
In my opinion bitcoin will rise till $5700 in near future. After that position the price will down to $3700. This will be the ladt position before bull run. Thank you for this valuable post.
Could be. I hope you end up being right. I am positioned well either way.
I'm hoping it goes sky high hodl
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That may be the best move overall. Don't risk being out of the trade that way!
This is the last part of the process to close the bear market officially and, most importantly, start a new bull cycle...
I think so as well. This is the dip you want to buy.
Ye, I like to call it the last chance for lazy people!
It will be my last chance to get back what I flipped.
Going back to 4200-4300 would be glorious!
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I think so as well. Though that probably means it doesn't happen.
I also thought it would never break 5700 on the way down. But we saw how that worked out!
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Yep, I too thought that $6k area would hold. Judging by the price action when it didn't, a lot of other investors did too!
There should be great support down there and the fact that we are holding up during the weekend and lower volumes is a good sign.
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Agreed. Sunday and Monday will be the tells. Tended to be weak as of late on those days...
Imho I think this is where anything 4900 and below get left behind to fomo later.
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I think anything under that price is a good buy. Which might mean we won't see it...