Is bitcoin finally ready to pull back?
Bitcoin dropped $1k in a matter of hours yesterday, and that likely was the start of a medium term pullback.
Like usual, it wasn't entirely clear what caused the dip.
Interestingly enough, prices first shot over $9k, then plummeted to under $8k briefly.
I wish I could say that was surprising to me, but nothing is surprising when it comes to bitcoin trading.
"Trees don't grow in the sky!"
What a great quote!
If you are curious what it's referencing and who it came from...
It was a quote by Mike Novogratz when asked if bitcoin would pullback soon.
His response was this:
"You know, trees don’t grow to the sky. If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”
(Source: https://www.ccn.com/novogratz-near-term-btc-consolidation)
What does he mean by that?
Basically, he is saying that bitcoin is likely due to pull back and/or consolidate for a bit here.
That may sound like bad news, but that doesn't mean he is any less bullish on bitcoin overall.
He still thinks bitcoin will end the year around $10k and ultimately make new highs within the next 18 months.
That still sounds pretty bullish to me!
It just means he thinks we are due to consolidate for a bit in the near term.
Are you ready to buy the dip?
I am looking for a pullback to the $6k area personally before I get excited again.
That seems like a very logical pullback area since it was support for most of 2018 and we just knifed right through it to the upside this year without much resistance.
Starting to limp in around $7k might make some sense as well as it has been decent support during this recent move up.
Stay informed my friends.
Image Source:
https://www.123rf.com/photo_27612943_floating-island-with-trees-in-the-sky.html
-Doc