Bitcoin is losing its steam and getting ready for the huge sell off before selling distribution is successfully done.A move from $1700 to higher $1800 was pretty quick as it temporary blow off top.A pull consolidation is now is progress as it will take few days to weeks to have final bottom which i expect to form around @ $1250
A healthy pull is now needed for bitcoin to gain the energy where fresh buying power will initiate to next target around @$2000 this time.
Share your thoughts....
You are right, pull backs are always healthy, we should keep an eye on the data coming out of china, as long they keep coming bad the price have to soar higher.
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Definitely agree!! This would be sell on news in my opinion.Lets watch closely as data point suggests a breif consolidation at support and selling will accelerate.
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Freefall likely :)
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Hoping the same once it loses the support.
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Lets fasten our seatbelts :)
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Yes, this is the natural up and down of it. Wow what a run, 1800! People are going nuts, I agree with your bottom estimate as previous to the most recent high it was very stable at ~1250. I feel with current hashing difficulty, it will never again go below ~1100 as no one would mine it at a loss. The Chinese seem to be adopting litecoin fairly well as an alternative, to bitcoins current difficulty, but Bitcoin is here to stay as the entire cryptocurrency ecosystem relies on it as a doorway system to the digital economy. Sell at or near the tops, then buy other coins until it bottoms then sell off all coins and buy more Bitcoin, this is what I do, I do very well with this strategy as when btc goes down it is usually when people are buying more alt currency.
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