BTCCNY: Anatomy of a correction
Updated
I think we have completed the correction in Bitcoin here, with the recent fundamental events potentially serving as catalysts for continuation of the long term advance here. With lower volatility, manipulation, and perceived risks for investors seeking to get involved with Bitcoin, to a more favorable prospect for adoption, there will probably be higher prices and long term growth in this market.
It's interesting to note each time we get a major correction, specially during an uptrend, we can observe this shakeout pattern, where sellers get trapped after selling near the lows, after the market rapidly pulls back above the mid point of the range expansion bar's range.
I have labeled these levels on both monthly and some recent daily range expansion bars.
I'm long as you know, and recently added positions during this correction. At the moment, my crypto account is 80% BTC and 20% ETH, and I'm looking to capture the upside in both throughout the year. I might reduce some exposure to BTC though, depending on how prices evolve from here onward.
Cheers,
Ivan Labrie.
It's interesting to note each time we get a major correction, specially during an uptrend, we can observe this shakeout pattern, where sellers get trapped after selling near the lows, after the market rapidly pulls back above the mid point of the range expansion bar's range.
I have labeled these levels on both monthly and some recent daily range expansion bars.
I'm long as you know, and recently added positions during this correction. At the moment, my crypto account is 80% BTC and 20% ETH, and I'm looking to capture the upside in both throughout the year. I might reduce some exposure to BTC though, depending on how prices evolve from here onward.
Cheers,
Ivan Labrie.
Note
Sellers trapped!Note
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