When I look at the daily chart of bitcoin and I see the price action of the past couple months, then I look at the 2017/2018 top and think….”wow, that look’s a bit similar.”
Will Lightning Strike Twice – Probably Not
Here’s the thing. Even though the chart doesn’t look great I also don’t see how we crash the way we did a year and a half ago.
The same ingredients do not exist. The move has not been crazy, the general mom and pop is not talking about bitcoin at your local diner and there isn’t a ICO shit coin craze.
Where can we go though?
We can certainly go down a bit still. If you look at the chart, basically it has made an “h” looking pattern which leads to lower prices many times. That’s just odds though, doesn’t mean it will happen.
A move down to 8,500 and evan 7,500 would still be ok on a technical basis. I wouldn’t consider that bearish as 7500 is a clear bottom when looking at a weekly chart. As long as it tested and rallied off that I’d still be bullish.
Let’s hope we don’t have to even play it out.
On the upside, getting above 9,800 and pushing toward the 11k mark is the bullish price action we need.
I honestly believe it’s anyone’s guess which way the next near-term move is.
I’m keeping some fresh powder available in case we do get an opportunity to buy lower…otherwise hodl’ing my bag.