This is a weekly chart going back to 2014 through today. When the previous trend in 2014 broke a new bottom was established followed by the slow crawl out into the next moon shot. Fast forward to now. If $6K breaks down a similar pattern my develop. A bounce off the $5K area, rejection again at $6K from underneath, then a 50% plummet to around $3K. If you study this chart for a few minutes you should be able to see the similarities and the catalyst that made it happen in the past and how a similar pattern could repeat now for the same reasons. Panic, recovery, panic, followed by the long climb out.
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It looks like this chart might be back in play......
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Pretty darn close!
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It looks like Bit-Coin is in the process of creating its new bottom before making the long desert crossing into a new bull run. If this time plays out like last time the price could stay below $6k for the rest of the year. I will continue to accumulate on any major pull backs. I am officially in buy and hold mode only risking previous profits. Your mileage may vary......
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343 views and 8 thumbs up. lol
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Hit the play button and be amazed. :0)
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I think this chart deserves a Thumbs Up! What do you think?