Bitcoin - Is the correction over?
Updated
Warrior!
We now broke from the bullish pennant I posted in my last idea(s), the likelihood of going to 13k just went up.
From the high to 6000 that is 0.5 retrace from the bear action.
We are going to see a cup and handle formation complete in a few hours if everything goes according to plan, and that target will be 0.618 or 16k.
If we get close to 13000 I will post a short idea (down to somewhere in the 10000-12000 area) as well as a long idea target 16000.
Once we get to 0.618 the probability the correction is over will be very high, but right now it is not confirmed.
That said if we break the downtrend again, the probability increases it will be over 50% for sure.
Another thing: even if it ends up looking alot like 2014 that doesn't mean squat. In feb 2014 MtGox closed their site and admitted to getting hacked.
Mt Gox had about 90% of the Bitcoin volume. Of course the price is going to go down if people LITERALLY CANNOT BUY BITCOINS.
Stocks and the such don't go up in price is THERE IS NO WAY TO BUY THEM.
I will miss bear market, shorting and doubling up in 2 days.
We now broke from the bullish pennant I posted in my last idea(s), the likelihood of going to 13k just went up.
From the high to 6000 that is 0.5 retrace from the bear action.
We are going to see a cup and handle formation complete in a few hours if everything goes according to plan, and that target will be 0.618 or 16k.
If we get close to 13000 I will post a short idea (down to somewhere in the 10000-12000 area) as well as a long idea target 16000.
Once we get to 0.618 the probability the correction is over will be very high, but right now it is not confirmed.
That said if we break the downtrend again, the probability increases it will be over 50% for sure.
Another thing: even if it ends up looking alot like 2014 that doesn't mean squat. In feb 2014 MtGox closed their site and admitted to getting hacked.
Mt Gox had about 90% of the Bitcoin volume. Of course the price is going to go down if people LITERALLY CANNOT BUY BITCOINS.
Stocks and the such don't go up in price is THERE IS NO WAY TO BUY THEM.
I will miss bear market, shorting and doubling up in 2 days.
Note
Less than 2 hours to go before the day closes.If we close above the trendline, for some people it will mean correction is over (or bull trap).
Going well for now.
Note
I should update this.Some battles were won, some were lost, Bitcoin gave up some of its progress, trying to gain that back. Looking pretty grim for the baghodlers at the moment even if one battle was won, still have more to win before gaining its past progress back and being back on track to "maybe going down is over".
If this goes up even higher and the normies decide to sell because that's what their dream was or the herd loses interest in this coin for the new shinnier one, more people will get hurt more.
Probably best if noobs sell and serious people can get in. Who would invest much in something that speculative and risky thought? Only tiny fractions while most of the wealth waits in something safe.
At least it would mean a single entity can't move the market.
But the early adopters that got lucky and got rich, if they cashed out of course, and hold almost half the supply... They'd just buy even more of it...
And can unload whenever they choose too, so if people are stupid enough to put all their money in something a handful own at 50%...
Biggest ponzi humankind ever had.
Better go into something that isn't owned by so few.
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