Bitcoin isn't dying or ded, it's just taking a breather
Bears out in full force these days calling for all sorts of crazy numbers.
I even read someone yesterday talking about $8k bitcoin.
$8k? Really?
Only way that is happening is if some sort of major major black swan happened.
With all this bearish talk out there, it's time to get the crayons out and draw some lines on the chart:
(Source: ~~~ embed:1354018137981726721/photo/1) twitter metadata:YWxpc3RhaXJtaWxuZXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9hbGlzdGFpcm1pbG5lL3N0YXR1cy8xMzU0MDE4MTM3OTgxNzI2NzIxL3Bob3RvLzEpfA== ~~~
We have a double bottom, or a descending triangle, or a v and half circle pattern. (that last one isn't a real thing, but it could be, who knows)
Basically the way I look at it is that we have a consolidation period in price and in volume and once we break that downtrend it's probably off to the races.
The longer the consolidation takes, the lower that downtrend gets and the easier it is to break.
Right now it looks like we would need a move back towards $35k to break out of this downtrend.
IF we get a move back up to $35k on increasing volume, I'd say the pullback is over.
Sure we could wait for some confirmation above $40k or $42k, but where's the fun in that?
I bought dip, now just waiting until the bulls get fired up again.
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There may be a black swan event but it will occur in the legacy system. Of course all the fiat bunnies will probably rush into the dollar. Then the Fed will backstop everything as usual. Ultimately the market will realize why Bitcoin was created for in the first place.
Posted Using LeoFinance Beta