Good morning, Steemians!

Let's take a quick look at the 3 month USDBTC chart:

Many are saying that this awesome run in the altcoins that we've had in the first days of 2018 could come to an end due to the Fibonacci Retracement that Bitcoin is currently doing. They say that when an asset goes from an all time high to down around 38%, that it's likely to not go much further down from there and then back up to its all time high and possibly further. (At least this is what I understand it to be - please correct me if I'm wrong.)

The thought is that many people who've made money in the altcoins are going to be pulling some of that from the altcoins and putting it back into BTC (which has been in a slump for a while after making an all-time high.

I've been hearing that right now, Bitcoin could possibly be the cheapest it will be and actually start its bull run upward, passing 20k and heading up even further. In the past, I haven't really held much or any BTC, but with these huge gains in the past few days, I've taken a nice hedge from the altcoins in BTC.

Let me know if you've done the same, or if you expect great gains in BTC due to the Fibonacci Retracement. Thanks for stopping by!