This is a quick sketch of a thought: What if Bitcoin is correcting like the bubble of Spring 2013 instead of the subsequent one in November? It's tough to say if we'e reached bottom yet. However, if we are indeed following the pattern of the last Block Reward + Bubble era then this era will have the Bitcoin price recovering from this correction over the next few months and then leading to a bull run possibly up to $100k/bitcoin before we see a possibly year long (or more) correction.
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Let's see if 4 is already in or if double bottom is needed.ملاحظة
Evidence suggests good chance 4 is in. Fiat reserves incase of sharp decline not a bad idea. Also not a bad idea to sit on your hands until market begins to move.ملاحظة
Careful selling into fear.ملاحظة
Price resting on that lower mid channel line. A bounce here would be nice but would not guarantee end of bear trend.ملاحظة
As it was written elsewhere, "I find it hard to believe that a growing institutional sentiment toward cryptocurrency / blockchain, will be the catalyst for a bearish market or full retracement "ملاحظة
This would be a nice place for a bottom.ملاحظة
Follow the blue path? :Dملاحظة
A retest of that lower trend line around $4k is possible if momentum doesn't change soon for Bitcoin.ملاحظة
Wave 4 in IMOملاحظة
Close to or nearly at bottomملاحظة
Based on this chart we have touched support and are ready to move up!ملاحظة
Sitting on log support.ملاحظة
Support broken
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إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.