Everyone needs to calm down, BTC is not crashing again. The correction is over, we are now on the upswing. Why can I say this? Well it's been about a month no scratch that even more than a month since the all time high.
Look at the indicators MACD, RSI, both in the neutral zone, recovering!
And just take a step back click log, put on heiken ashi, change to the weekly chart, and you'll see that the bottom was confirmed, we are now changing directions and the momentum is UP!
Why did we go down from around 12k to 9,8k? Well now that we are in the higher levels price will vary a great amount more. Bitcoin is no longer priced in the 10$ levels, nor the 100$ levels nor even the 1000$ levels. Now we are in the 10 000$ levels, price swings of around 1k or more are natural and normal. People keep losing their panties whenever we dip. You know who's not losing their panties? These guys :
Sure they might sell of a bit for short term profit. But what do they do? They buy the dip, why? Because Bitcoin is BETTER than GOLD! It's one of the most scarce resources in the world! With real world utility. Try moving 10 000 000$ from one bank account to another bank account which you both own in the same country and the same state. PAIN IN THE ARSE! Bitcoin, you click two buttons!
What to do? Buy the dips, this is going one way - up.
This is of course not financial advice and I would challenge anyone to find good evidence and good arguments against my reasoning. Do as you will do your own research!
@XenoBiologist, I hope not too sort of, I am not a trade guru like most people here, just looking at the charts we still have to go through a period of capitulation and despair, I dont think we have hit that yet.
Time will tell I but I just feel we have a way to go still until bottom $3000-$3500 but bare minimum $6000
dereckmezquita
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@WestUp, I agree market sentiment is maybe not rock bottom and it is sometimes necessary in order to get into another bull run. But I think it also depends on where you bought, I think those who bought the top are pretty desperate as of late. Also It might not be such a good idea to make things too desperate as that could permanently damage BTCs reputation with the general public and whales know this. In reality whales are the ones moving the price up and down, if it were up to retail investors the charts would look much different. Being that whales control the market they are not going to allow their baby to be permanently damaged in my opinion!
WestUp
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@XenoBiologist, all good points and I actually hope you are right. I guess we will just have to see how the market plays out to determine our buy orders and sell orders.
Good luck to you lets hope for big things this year :)
The Whales buzs the dips - on the other hand Btc compares to NASDAQ Crash we follow the same pattern buddy