Bitcoin correction or beginning of a downtrend?

simonthedeerboy (32) · 7 years ago (edited)

I say brief correction, there is no way the market psyche is going to get teased by almost hitting the $5K mark and not actually break it.

I also think you will have alot of HODLers that missed this drop in the middle of the night. So I think we are good for now!

EDIT
Plus! A LOT of people having been waiting for this to happen. So we will have a bunch of FOMO buyers jumping in all the way back up to $5K!

pagoda (48) · 7 years ago

I can see that, I was thinking you could look at it as everyone and their mom was putting money into Bitcoin and when people wake up tomorrow they will freak and possibly panic sell and take profits if they invested earlier. Longterm im still bullish!

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2 votes

simonthedeerboy (32) · 7 years ago

At this point, I don't think overall steady bullish movement will stop until after the new year. The market is still so small. And there is a LOT of new money coming in every day. I do however see things going sideways for a time. Which would totally be fine with me too, that's a healthy sign!

abasinkanga (61) · 7 years ago

Yes. It does seem like a little profit taking to me, and an attempt to push for some panic selling...
On the whole, the bitcoin rush is too bullish to hit a major downturn now. Lets keep watching. Well done for this alert post on this sudden downturn. Here is a gift for you

reveur (65) · 7 years ago (edited)

Do I see a Elliot wave's pattern in that graph ?

If that's the case; In my very professionally edited graph, we appreciate a typical:

`Elliot Bull to Bear` transition...

If I had BitCoins I will be dumping the market so hard that there would not even be any dust left in my Crypto-Wallet.

pagoda (48) · 7 years ago

This was my thoughts exactly. Im gonna hodl though. Might take a break from crypto if that happens, tx fees are too high and a price reduction would be good to allow more normal folk to buy in.

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