Bitcoin has seen a large selloff over the past 24 hours, touching a new low of $5500 USD, a price not seen since 2017.
As can be seen in the chart, the price plunged down and broke the decade-long orange trend line. I believe this base line is a good indicator for long term growth, and the current dip may be related to the recent correction of some commodities (such as oil), and not necessarily an indication of where Bitcoin is going.
The RSI tells us that Bitcoin is in serious oversold territory, at levels only seen a handful of times in Bitcoin's history. The last time the daily RSI hit these levels was in January and August of 2015, and anyone who bought Bitcoin at that point in time (and held) caught the bottom before Bitcoin started its climb to 2017 peaks. The difference this time is that many traditional markets and commodities have peaked, so we might see some rough waters going into 2019 before the bum's rush to buy Gold, Bitcoin, and other safe havens commences. When the bum's rush happens is not knowable beforehand, but we'll know when it's happening.
Personally, I'm holding what i have and accumulating more through mining/staking, just as I always do. Most importantly, I only check my portfolio sparingly, and I avoid all news on crypto if I can.
"The stock market is a device for transferring money from the impatient to the patient." - Warren Buffett
Thank you for reading. Shares and comments are always welcome.