Bitcoin likely to pullback soon, be ready to buy the dip!
Is bitcoin finally ready to pull back?
Bitcoin dropped $1k in a matter of hours yesterday, and that likely was the start of a medium term pullback.
Like usual, it wasn't entirely clear what caused the dip.
Interestingly enough, prices first shot over $9k, then plummeted to under $8k briefly.
I wish I could say that was surprising to me, but nothing is surprising when it comes to bitcoin trading.
"Trees don't grow in the sky!"
What a great quote!
If you are curious what it's referencing and who it came from...
It was a quote by Mike Novogratz when asked if bitcoin would pullback soon.
His response was this:
"You know, trees don’t grow to the sky. If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”
(Source: https://www.ccn.com/novogratz-near-term-btc-consolidation)
What does he mean by that?
Basically, he is saying that bitcoin is likely due to pull back and/or consolidate for a bit here.
That may sound like bad news, but that doesn't mean he is any less bullish on bitcoin overall.
He still thinks bitcoin will end the year around $10k and ultimately make new highs within the next 18 months.
That still sounds pretty bullish to me!
It just means he thinks we are due to consolidate for a bit in the near term.
Are you ready to buy the dip?
I am looking for a pullback to the $6k area personally before I get excited again.
That seems like a very logical pullback area since it was support for most of 2018 and we just knifed right through it to the upside this year without much resistance.
Starting to limp in around $7k might make some sense as well as it has been decent support during this recent move up.
Stay informed my friends.
Image Source:
https://www.123rf.com/photo_27612943_floating-island-with-trees-in-the-sky.html
-Doc
Looks like it is pulling back already here!
I'd like to see a pullback but I'm not expecting it to. There might be too much summer momentum for it to fall that far at the moment. Might have to wait for august or september before things start to cool off. Retail makes profit hand over foot during this time of year.
Could be. In 2017 when the parabolic move got started, we pulled back for most of June after a big April and May. I am thinking we might see something like that again before the uptrend resumes in July/August. Though, the sentiment is extremely strong right now so you may be right and we may not even get a dip in the near term at all.
Pullback last about 1 day. Guess I’ll wait for the next one 🧐
Yea, that was way too fast for me to get in as well. I am looking at a longer multi week pullback before I start to get heavy in again.
Looking this one will be a bit deeper than just one day.
Volumes remain quite strong so sentiment remains positive inbmy opinion. I welcome a pullback and some consolidation for more stable growth to be via adoption and usage.
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Yea, the usage numbers haven't shown much growth during this last couple month bullish phase... Would like to see that catch up a bit.
Totally agree with you here. Growth above the $6K level haven't been über convincing and daily chart is showing divergences confirmed by not only 1, but 3 strong indicators (RSI, MACD and MOMENTUM). And to add 4th - last 2,5 weeks price has been growing, but volume has been dropping - almost never a good sign... but nothing's impossible on the crypto world and it just might take a breath and then shoot up again; We've all seen it before
Correct. That $10k number may be too much of a magnate in the short term. We shall see. Either way, I think we likely dip to $6k/$7k in the near future.
Pullback has arrived.
oh. I thought we were just getting started. I doubt it will be going below 7500 anytime soon.
We are just getting started, but there were roughly nine 30% pullbacks during the 2016-2017 bull market along the way to new highs. There will be pullbacks along the way.
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