Bitcoin is on sale. I have been waiting for this to happen, finally day has arrived. For the HODL who just happen to buy at the top, do not despair, it has not broken the neckline on the Head and Shoulder patterns yet, and even though we are in a correction mode, the longer chart is still trending upwards. And perhaps it is time to buy some more.
I particularly would like to see it snap below the neckline shown in the graph. Why? It needs to flush out all the bears and have enough momentum to rip upwards and have them all cover their bets. You will only see this when the daily chart plots a nice buying tail; might be today being that day, but I still do not see this move down completing its capitulation.
Trade your own plan, due your own diligence. Feel free to comment, ask me questions, tell me if you disagree and why :) I'm happy to post any other technical analysis that might be of interest to you, just let me know.
Until my next post.