Wow, wow, WOW! Bitcoin is taking a beating today. What is going on? Let's see if we can figure it out.
It's too early to say for sure, but this is kind of what I'm looking for. We could be about to see a reverse Head and Shoulders pattern in Bitcoin. The price of Bitcoin fell to $2052 after making an amazing run to $2800. I'm not sure what is going on, but the total market cap of all cryptocurrencies is dropping. Yesterday it was around $86 billion and as of right now, it is down to $62 billion. Over $24 billion has been sucked out of the crypto economy in a day! Bitcoin alone lost about $9 billion on it's market cap! Maybe traders are just taking profits, but it seems like an awfully high number all at once.
I'll be looking for the price of Bitcoin to reach $2000 to form the "Head" of the pattern then bounce off of support at $2000. The neckline is at $2665, so price should return close to that then pullback again to around $2300 or so for the pattern to remain intact. After that pullback, we would expect the trend to continue to $2800, possibly higher. Of course, it's very early to try to call a Head and Shoulders right now. We need a lot more price action. It would be neat to see though.
Now to look at the other side in case price doesn't bounce. As you know, I've been very weary of a big pullback based on the long term Weekly chart. Let's look at it again.
Look at that wick! The price pulled back almost $800 to where I drew the arrow the last time we looked at the weekly chart. I'm going to leave them there and see how this plays out. I am still weary of a pullback all the way back to the $1200s. I hope it doesn't do that, but we have to be prepared just in case. The market can do anything it wants, so I hope you've been heeding my advice and keeping stops close. If you did, you protected A LOT of profit! Trade safely and KEEP THOSE STOPS TIGHT.
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BTC: 1CXAVW4H2hLvsnor2SgwPfRYd586noDLbq
LTC: LUENAFUWDjoJhoFf3ShzBe9XU82wETkSku
Dogecoin: DNHjTrBssQx6v5u8W6hSrej9ocAX5ShGDb
Monero: 47PwackL2h6H7myZVjMAKfGEViXEHsYgHUup28BeKtEEasYg9MxB5RtaUktb5AUK69YbQ28EYCEe1LTnYcz5AkmFRU1rPWk
Dash: XjQUbmEAqxxMM6GfCV4TLzai947Lp7EUk5
Ethereum: 0xBdAD8baB568f8C1f9F01830fC3B49B1abbD9f32D
PIVX: DSBKpyUY6epRQmpaFesFFV3H93QTPmJmQQ
Burstcoin: BURST-XFYD-YU7K-9MC5-3GYMT
Golem: 0xBdAD8baB568f8C1f9F01830fC3B49B1abbD9f32D
Augur: 0xBdAD8baB568f8C1f9F01830fC3B49B1abbD9f32D
Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.
I think its because of the herd mentality. Sell when everyone is selling :). But hey we have cheap coins to buy.
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That's how I look at it too! Buy the dips!
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and now the exchanges are closed due to excessive buying "coinmamma" they are saying "due to excessive demand" please try again later..
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Wow! That's a good problem for Bitcoin to have :D
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yes agreed mate but not when you want to buy it aye ......its kinda annoying....:(
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Agreed. :( Hopefully it'll resolve soon.
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