Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
A correction which was due, but triggered early by Finex panic, perhaps. Either way, up from here.
Not so fast, a correction like this is not resolved within a day. I expect at least a double bottom and perhaps a deeper correction to $610 level or $570. Could take 2 more weeks or longer before we resume the uptrend.
Typically, the market builds a triangle that breaks up. But I believe that mini-rally will become a bit of a bull trap.
A few days ago, it was beginning to seem that bears were almost out of a job, but now they are back, and have a little place in our volatility community.
Surely, we cannot always have up, and even honest bears (to the extent that there are any) are going to admit that remain in a bull trend (probably at least with prices not dipping below the mid-$500s) yet current and pending question remains how much more of a correction are we going to have, here.