HODLERS NEVER LOSE! That's a bold statement and our current all time high could change that statement with time. However, as of NOW, our current bitcoin history shows us that statement has proven to be true.
Now nothing I post here is meant as financial advice. I'm just The Dood posting his opinions and thoughts on the current happenings in the cryptocurrency industry. An industry that I love and hold dear to my heart. I know a lot of new money has entered this industry recently and if you were one of the unfortunate souls who bought at $2700 the other day you might want to take this chart into consideration before "throwing the baby out with the bathwater" as they say.
Now back in November of 2013 bitcoin sold for approximately $1200 USD, the price then dropped down to around $246 around March of 2015. Just when many people thought all hope was lost, and headlines across the internet read "Bitcoin Is Dead", like a Phoenix rising from the ashes, bitcoin made it's slow and steady rise to our current all time high of $2730 in May of 2017.
Will the price fall lower? It could! Will it rise to new highs? It certainly could!
In my humble opinion, again not advice, just a simple observation. What we seen yesterday was a simple and extremely drastic correction. A bubble or over-bought market that finally corrected. If current history has taught us anything it's that HODLERS never lose and that's something anyone considering selling at a loss may want to consider.
If you look at this 1 week chart you can see how it was really over-bought. The $2000 USD price range puts it on a perfect trend line for the correction and bull run to continue. At this point it's up to the traders whether they decide to become bearish or bullish. A bearish market with people selling may drop the price further, and a bullish market with everyone buying and hodling should put us right back on that trendline towards $3000 !
I used a bitcoin chart from coinmarketcap.com to show the bitcoin price history. The 1 week chart was taken from cryptowat.ch . This one day chart is looking pretty sweet. https://cryptowat.ch/gemini/btcusd/1d
Remember nothing here is meant as financial advice. Always do your own due diligence, trust your own instincts, and do whatever feels right to you!Thanks for reading, happy Memorial Day weekend to all my US peeps, and happy trading everyone!