I have been following bitcoin price since the recent upwards price movement and I think $5875 has become the high and corrections has began. Checking price chart this morning I discovered that the down channel's line has been broken and that signal a dropped in buying momentum and price may get below $5,000. However, this is another opportunity to buy bitcoin at a very cheap prices as before the end of this year bitcoin might hit $7,000. This corrections is not going to be a long one, it might just be three to four days and we would resumes another upwards movement again.
The downward correction we are seeing in price to me is what should be expected as we should even be more careful if the only thing we are seeing is increase in price that will not only led to loss of confidence, but also give the media something to feed on as a negative that they always wanted to get about bitcoin. The market is volatile no doubt but the volatility is what makes it so interesting that makes us wake up everyday to be confronted with new challenges and how we can help is navigating such.