Good day Hiveians!
Join me in analyzing the crypto markets!
My last crypto analysis post "Bitcoin Correction possible" argued that we would likely see a correction in the price for bitcoin
This tentative (!) outlook can be seen here again:
The idea that the current market resembles the fractal at the start of 2019 (see above post for more details). This fractal would suggest a support at 8k-10k levels. The horizontal lines are my personal buying positions as I think there is a good chance that they can be filled. The first one at 10.6k was filled today.
More clearly here you can see that the upwards pointing wedge was broken at 11.6k which was a strong signal for further sell off.
If you remember my post from some weeks ago, I argued that we have also entered a new bull phase. Is that a contradictory position? No! As corrections such as these are part of a longer market movement. This is the long term outlook:
You can see back in 2016-2017, we had major corrections of up to 40%. So if you believe in cryptos, now is a good time to get into the market.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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