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.
