Bitcoin is climbing back after the recent selloff, though that may be short lived.
Looking at the charts, we can see that bitcoin recently had bit of a dip after getting almost all the way to $5,500.
Since that time, bitcoin has pulled back to right around $5k.
As I type, prices are showing some strength, getting up near $5,100...
(Source: https://www.coindesk.com/bitcoin-defends-psychological-support-line-after-dip-to-4900)
What does that mean?
In the very short term I think prices may continue to rally, possibly getting up near $5,300 again.
That area marks the downtrend line where prices broke down from.
Once we get near that area I would expect prices to get rejected and then head back to $5k, except this time I think they pull through to the downside.
From there, there is good support around the $4,700-$4,500 area and then major support around the $4,200-$4,300 area.
(Source: https://www.coindesk.com/bitcoin-defends-psychological-support-line-after-dip-to-4900)
My thoughts:
If you can be bitcoin sub $4,800 I think it is a great buy going forward, because I think this dip will be short lived.
Once we bottom out on this dip, I look for prices to start to trend back up and challenge $6k.
In fact, I think we are just starting a 2 year bull cycle on bitcoin, which means don't get too cute trying to time bottoms and pullbacks, especially if prices are going to make new highs.
Stay informed my friends.
-Doc
And now it's will pop again
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Pop first, then pullback after. That is my call.
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Are you sure it’s not the Stop Drop & Roll? 🤪
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I don't like stop and then drops at all.
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My buy orders ranging now between 4600 and 4800, will see
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I think that is a good spot. I am hoping we go a bit lower, but that would be a good spot as well.
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In my opinion bitcoin will rise till $5700 in near future. After that position the price will down to $3700. This will be the ladt position before bull run. Thank you for this valuable post.
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Could be. I hope you end up being right. I am positioned well either way.
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I'm hoping it goes sky high hodl
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That may be the best move overall. Don't risk being out of the trade that way!
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This is the last part of the process to close the bear market officially and, most importantly, start a new bull cycle...
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I think so as well. This is the dip you want to buy.
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Ye, I like to call it the last chance for lazy people!
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It will be my last chance to get back what I flipped.
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Going back to 4200-4300 would be glorious!
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I think so as well. Though that probably means it doesn't happen.
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I also thought it would never break 5700 on the way down. But we saw how that worked out!
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Yep, I too thought that $6k area would hold. Judging by the price action when it didn't, a lot of other investors did too!
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There should be great support down there and the fact that we are holding up during the weekend and lower volumes is a good sign.
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Agreed. Sunday and Monday will be the tells. Tended to be weak as of late on those days...
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Imho I think this is where anything 4900 and below get left behind to fomo later.
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I think anything under that price is a good buy. Which might mean we won't see it...
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