My last post stated we were finally back in the bull-run
. I think what people failed to understand was that when Bitcoin
posted a 10 day low of 6425 recently, we actually made a higher low, which is an incredibly bullish
indicator. Important Fibonacci levels coincide with obvious institutional buy/sell points. Incredibly positive indicator if we post an even higher low off this correction, if we manage to keep support or the new low above 6500, the only thing to do is wait (HODL). There is possibility of downside as well. Bitcoin
in the NEAR future, could correct to $4.5-5.5k. While this is not ideal, it'll further strengthen the bull run and give solid buys to institutions and individuals. However, irrespective of the short term high we touch, it is possible we correct to a low near $7500, and that will also give real strength to the bull market. I stand by my previous call that we are officially in the bull market as wave cycles do not go only in one direction.
EDIT: Forgot to mention, no matter how peculiar it looks, it looks like the surge today is the price action riding the top of the upper trendline. As per Wave theory, 5 days (5 sessions on a daily chart
) should confirm a trend.