I Believe We've Hit the Ground Floor Since The Bit Burst

Apr 7, 2018

I'm a simple guy. . but I think a lot. I try not to make complex looking charts. I just try to see the trending lines and deliver that opinion based on what goes up or what goes down. I'm by no means a pro at this-- at least, yet-- as I started back in early December, but I'm learning and I'd like to think that I know more than when I started. In December, Bitcoin was booming at around $15,000 by the time I started actually looking at the numbers. A month before that, I never looked at cryptocurrency as a means of value or a money-making thing. Man, have I learned a lot since then. It's one of my go to things now.

If you haven't noticed by the chart image, we've always been in a bear market since the bubble burst in later December. Don't let people tell you when they get feverish over this small reversals. It. I'm pretty confident to say that we've now hit the ground floor of Bitcoin as we're seeing a lot of resistance moving further down. Again, if there are no sellers, there's only buyers. November 2017 was a month, looking back, where you would still see lots of massive consolidation with small candles. The big buyers weren't driving the market at the time. So I think it makes sense. Lastly, Bitcoin is known to make huge jumps and drastically fall back. If you go back and see the earlier spikes from time to time, you'll see my point.

We've got more resistance around the $7500 mark, so I think we'll be around the $6900-$7400 mark for a little bit. Again, we're still in the bearest of markets, so unless we get a lot of volume, or bring back the big buyers, we'll be around this mark for a second. A lot of the young, amateur buyers got burned real bad when it went back, so we're going to be getting more FUD along the way and most of them left the market since it was big in the media at the time, but if you stick to it, and keep accumulating Bitcoin when the streets bleed red, you'll be real happy when the market bull charges back up.

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