IT'S TIME - Retracement Incoming
We've seen crazy amounts of growth within the past few days and as a lot of us believe, we are well due for a retracement at this point. Due to Bitcoin being incredibly bullish lately and how huge of a year 2018 will be for Bitcoin, I can see 2 scenarios occurring before reaching new heights again.
Scenario 1: we see a retracement to the 0.236 level at around $9400 before another upward bounce.
Scenario 2: we see a retracement to the 0.382 level at around $8100
Either way, we are due for a correction and as some have said, this is an exact repeat scenario of 2014. For me, anything below 10k is considered "cheap" and I suggest getting your buy orders ready before we never see sub-10k again.
Scenario 1: we see a retracement to the 0.236 level at around $9400 before another upward bounce.
Scenario 2: we see a retracement to the 0.382 level at around $8100
Either way, we are due for a correction and as some have said, this is an exact repeat scenario of 2014. For me, anything below 10k is considered "cheap" and I suggest getting your buy orders ready before we never see sub-10k again.
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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.