This is a very normal reaction, we were very oversold at one point. In my opinion we have to consolidate a bit around 10-11,000$, so we can make a bull run. Usually January is a tough ride for Bitcoin. I wrote an article on the matter - you can check it HERE
Do you really think the pullback is over? Could this be what I've heard called a bull-trap? Isn't that where there seems to be a trend reversal from down to up so people start to buy back in then...BOOM...back down we go for lower lows?
I am only about 8 months into trading so still learning but do I have this idea right?
I'm unsure of whether the pullback is over. I'm not hugely in to technical analysis, but yes that idea is roughly correct. I'm simply posting an update, but asked at the end for your thoughts to see if you think it's over, so thanks for your contribution!
I think the larger downtrend has subsided, but we could definitely see more of a fall. If that is the case, we will have more time to buy the dips!
yeah although it is not a surprise about bitconnect , it is still disappointing especially because a lot of people were so emotionally invested in it or thought that they could come out in time but who was to tell when they would have pulled the plug.
I do not think we are at a full rebound yet and will be playing with resistances etc., so you night have time to get in! I don't do a huge amount if T.A. to know more accurate times though.
Nice post ! I heard South Korea was going to officially give its position towards Crypto Trading Exchanges today.
Let's see :D
Thanks @vlemon! I read that it was going to be on Monday, but if it is today that's good. The sooner the better!
Good one @lukebrn Even Bitconnect had a great recovery. Don't know for how long. Could be a dead cat? :)
Thank you! Yes I saw.. Surprising to be honest, I think that may be due to the volume, can't imagine that it will last too long!
Let’s go to the moon!
The drawback was indeed a little bit to much!
Haha it was indeed, we'll see how it goes!
This is a very normal reaction, we were very oversold at one point. In my opinion we have to consolidate a bit around 10-11,000$, so we can make a bull run. Usually January is a tough ride for Bitcoin. I wrote an article on the matter - you can check it HERE
Thanks for the comment! I've studied the cyclic patterns and read a few articles already, thanks!
This post has received a 2.44 % upvote from @boomerang thanks to: @lukebrn
Do you really think the pullback is over? Could this be what I've heard called a bull-trap? Isn't that where there seems to be a trend reversal from down to up so people start to buy back in then...BOOM...back down we go for lower lows?
I am only about 8 months into trading so still learning but do I have this idea right?
I'm unsure of whether the pullback is over. I'm not hugely in to technical analysis, but yes that idea is roughly correct. I'm simply posting an update, but asked at the end for your thoughts to see if you think it's over, so thanks for your contribution!
I think the larger downtrend has subsided, but we could definitely see more of a fall. If that is the case, we will have more time to buy the dips!
Yeah I gotcha man. I'm just being cautious with calling the correction over, and I'm loving the discount prices. Keep it up @lukebrn!
I get you there! I still think it's a pullback, it just might be broken by a downwards trend. Love the picture and thank you!!
yeah although it is not a surprise about bitconnect , it is still disappointing especially because a lot of people were so emotionally invested in it or thought that they could come out in time but who was to tell when they would have pulled the plug.
Yes I agree there - it's not a surprise but it is disappointing. Thanks for the upvote and comment!
Damn, I have some money coming in and was hoping to get in before the rebound.
I do not think we are at a full rebound yet and will be playing with resistances etc., so you night have time to get in! I don't do a huge amount if T.A. to know more accurate times though.
Good to know. You've eased my fomo😉
Haha good to hear!!
You're still good man, these are some deep discounts and once it gains a good footing I believe we are in for some fireworks by the summer!
Oh yeah, no doubt. I just love the feeling of getting in on that red sea.