Hello Steemit Members,
The last 2 weeks has been a bad one for bitcoin. It went from $12k all the way to $7k. A lot of people were bullish when bitcoin reached it's high of 12k. But I wasn't. In my last post I warned people about this big drop two weeks ago. I had said that it's most likely to fall if it broke $10.5k, and $9.3k for safer measures. My prediction came true. Now, where do I think bitcoin is likely to go?
To start, we are still on a down trend. It is clear that Bitcoin has not yet broken out of it's bear market. The $1700 dollar move from 7.3k has gotten people to have hope. Hope is not how you invest. What we want to see is actual confirmation it'll keep going up. Don't get suckered into these small rallies. So, where should we buy and sell?
The good:
Bitcoin had a nice $1700 dollar run up in the last couple days. A pullback was expected to happen around the $9.3k level. How far will the pullback go? Some people think $8.3k. That is a possible level for reversal. Anywhere from $7.8k to $8.3k is a good area to buy for a short term trade with a target at $9.8k. Bitcoin could go above $9.8k, but it's less likely to do so. Until we see Bitcoin break $11k I do not feel like holding Bitcoin is a good idea. If Bitcoin were to break $10.5 - 11k I expect it to test the $12.5k level. A break above $12.5k will bring Bitcoin out of it's bear market and holders can now stop panicking. Until this happens, we are in a bear market and holding is risky.
The Bad:
We saw Bitcoin have a fall from $11.8k all the way to $7.3k in the last 2 weeks. A run up of $1000 dollars in the last couple days hardly seems like anything if we look at the broader scheme of things. However, I don't expect this run up to die off just yet. It looks like Bitcoin will be retracing to $7.8k. I am looking for Bitcoin to hold up here. If not, I am expecting to see Bitcoin fall to 6.8k - 7.3k. A break below 6.8k will be really bearish for Bitcoin and a retest of 6k will come into play. 6k is a level Bitcoin has to hold up, but I fear at this time it would be unlikely if Bitcoin came to retest this level. A short term bounce is expected though and an intra-day trading move could be done.
For now, I only see this as a day trading opportunity, not a holding one. Patience is key in the market. A 1700 dollar run up is hardly nothing compared to the last couple months. Don't get suckered into buying at a high for a holding position. Holding on a bear market is one of the hardest things to do. Unless you are willing to lose 50% of your holdings if you buy and hold now, you shouldn't be buying. Follow a trading plan and money management plan. The best investors in the world don't go into a market without some type of strategy, why should you be any different? You all deserve the best. My best of wishes to you all!
All follows, comments, votes, and resteems are appreciated greatly.
Thank you!
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
