Bitcoin has broken support at 8000 once again this morning, and is heading down towards the 7000 mark currently.
By looking at the chart, you can see that the price is starting to crossover the down trending support line. As this occurs, we are also approaching the 78% fib level.
If this does happen, I just expect this to be a just quick flush of panic sellers. The price will most likely reclaim our descending/falling wedge pattern with no problem.
In terms of how many more lower lows we will have, I do think that this low of 7000 could be the last low before bouncing to resistance and going to the apex. When we hit the apex at around 5000, I am expecting a huge flush of panic selling when the time comes, and then again, a push up back to the 5000 level.
Otherwise, if we break 5000 and consolidate at the 4000's for a while, there is a high possibility that we can see a bear market for the next year, but I honestly think that this is very unlikely.
Conclusion: As the price of Bitcoin approaches the end of this wedge, there will not be that many weak hands left. In my opinion, a correction like this is very healthy. Those who have the patience will be dollar-cost averaging, and will not be phased by last remaining push by weak hands to a even lower price level.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
I agree. Although I ran out of money to ladder in because I never saw it going this far. But I still agree.
Same, I bought in at around 12k but will be saving more to expand my position when it hits 5k. Prices like these dont affect me in the slightest lol it’s actually kind of exciting. Followed you!
You are definitely cool headed. I also bought in at 12K. Hopefully we see a sentiment turn around but I don't want you to lose your chance to buy in at 5K either.
Nice analyses. I'm new to crypto and like a noob I bought in juist under the ath. Hopefully I'll get a nice 2nd chance when it goes low ;)
Buy low, sell high. For me personally, I am just waiting it out until most of these panic sellers are out of BTC. Thanks for the feedback I followed you!
Followed you back! And may the BitLord have mercy on us! Amen. ;)
ETH stayed strong for a while, now way down I put a buy order in for LTC at $100 see what happens
Yes these are all decent dip-buying opportunities, I just waiting until Bitcoin hits the end of the wedge so that I can get a good entry for building my position on other altcoins again.
Great analysis, I agree. There's a little further for it to go