BTC - I told you so!
First, let's take a look at a chart I put a few weeks before, to warn you guys:
Alright read this carefully:
As we talked about this before, the new regulations in China about bitcoin caused a massive drop, but it wasn't a bad thing!
We needed this correction... in fact, we even need MORE!
That's right, the price MUST touch the 19K and then the
13K area if the market wants to play safe.
All trading markets need the touch-back and the consolidation before making better and stronger moves (pumps)
I know too many of you fellow traders might be a "bull" and hate what I'm explaining here, but that doesn't make you right.
We might even see a good pump again any day now (as the indicators are showing us), but it would be great if the market corrects itself to the lower 20K channels.
You see, right after the drop started, the volume on Bitcoin began to come down the bubble people built for it.
Right now Bitcoin is STILL not oversold; Meaning we need more corrections for a stable market. Remember: for a higher high, a complete correction is needed.
Corrections are not bear markets. They typically last for three months whereas market crashes can linger indefinitely. Every bull market needs a correction.
Alright read this carefully:
As we talked about this before, the new regulations in China about bitcoin caused a massive drop, but it wasn't a bad thing!
We needed this correction... in fact, we even need MORE!
That's right, the price MUST touch the 19K and then the
13K area if the market wants to play safe. All trading markets need the touch-back and the consolidation before making better and stronger moves (pumps)
I know too many of you fellow traders might be a "bull" and hate what I'm explaining here, but that doesn't make you right.
We might even see a good pump again any day now (as the indicators are showing us), but it would be great if the market corrects itself to the lower 20K channels.
You see, right after the drop started, the volume on Bitcoin began to come down the bubble people built for it.
Right now Bitcoin is STILL not oversold; Meaning we need more corrections for a stable market. Remember: for a higher high, a complete correction is needed.
Corrections are not bear markets. They typically last for three months whereas market crashes can linger indefinitely. Every bull market needs a correction.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.