More foundation for stability
Well I was lured into a false sense of security yesterday by the so called pump and dumpers. Indeed it is happening again tonight as we see BTC settle down from its 25% loss today to hit even lower.
I have to say my initial thoughts were $7800 for a good support line. That was simply base on historical support points that I could identify, and honestly as things hit to the $8000 mark I thought I was pretty well on the money. prices stabilised but there we saw three sizable attempts to hit below that 8K mark.
Yesterday also saw a slight recovery, or so we would believe with another sudden drop... Again tonight we are looking at $6000 with a sudden 13% rise to $6800 before we saw resistance push the price back again. There has been a few attempts but there seems to be more push down than up. I am not at all suprised as I am sure most coiners at home are looking for the same thing as me. That bottom dollar as it were, the rebound, the reversal what ever you might like to call it.
Now I am new to this whole gig and learning as I go... one of the things I have learnt is patience pays... Yes there was a nice 13% rise in less than an hour, but like gravity these prices have an compounding affect. The faster that rise, the faster the fall.
So as we near the pre-spike prices of BTC we might now finally see some foundation upon which to build. My money is all out for the moment but my buy in will be in from mid 5's to low 6's when I see some more linear growth.
May the force be with us!
I have to say my initial thoughts were $7800 for a good support line. That was simply base on historical support points that I could identify, and honestly as things hit to the $8000 mark I thought I was pretty well on the money. prices stabilised but there we saw three sizable attempts to hit below that 8K mark.
Yesterday also saw a slight recovery, or so we would believe with another sudden drop... Again tonight we are looking at $6000 with a sudden 13% rise to $6800 before we saw resistance push the price back again. There has been a few attempts but there seems to be more push down than up. I am not at all suprised as I am sure most coiners at home are looking for the same thing as me. That bottom dollar as it were, the rebound, the reversal what ever you might like to call it.
Now I am new to this whole gig and learning as I go... one of the things I have learnt is patience pays... Yes there was a nice 13% rise in less than an hour, but like gravity these prices have an compounding affect. The faster that rise, the faster the fall.
So as we near the pre-spike prices of BTC we might now finally see some foundation upon which to build. My money is all out for the moment but my buy in will be in from mid 5's to low 6's when I see some more linear growth.
May the force be with us!
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