The bears are back
On July 9 th we saw the bears rear their ugly heads once again, proving we are still stuck in our downward trend. Typically with Bitcoin we see these trends last anywhere from a few months to upwards of two years. When looking at the macro trend, one can see that somehow BTC always seems to come back from its downtrend, stronger than ever. We can expect this to happen again. As we see the volatility dampen, the consolidation continues. Long term investors will take these opportunities to increase position size. If we see BTC fall closer to $5000, we’ll will see tremendous buying volume come into play. Many traditional investors have stated they would enter the crypto market at $5000 BTC. Mohamed El-Erian, chief economic advisor at Allianz, said Bitcoin would be a buy at $5000. Hopefully we see the market take one more large dip to $5000 BTC, $350 ETH and find strong support at those levels. A strong bounce at those levels could help to create a trend reversal bring back the start of a bull market.
Until then we wait, patiently. We will see another run eventually, don’t be afraid to take a profit. When you see pricing going up fast and you’re tempted to buy, you sell. When you look at pricing and the levels are so low you want to throw up, you buy. You need to do the opposite of whatever the trend is doing.
Thanks all and good luck on the next run! Cheers!
Instgram @ Investblock
Twitter @ Investblock