Post
Topic
Board Speculation
Re: "Bitcoin Bull is not yet over"
by
exstasie
on 08/02/2018, 21:32:55 UTC
I just read this comments on reddit and I believe this should encourage some of us to keep holding our Bitcoin! This is a hard things to do in the present of this bearish trends that we have seeing since the beginning of this year. I think we are going to have a new set of holders if we sell our coins now and this might create a new investors out of the dump.
https://www.reddit.com/r/Bitcoin/comments/7w2f83/bitcoin_bull_is_not_over_novogratz_raises_250/

I agree, generally. But this widespread sentiment that "the bottom is in, next stop $100k" is beginning to worry me. If most people agree on that, then some more shaking of the trees is in order.

We've been through lots of corrective cycles characterized by bull traps and eventual rounded bottoms. The weekly candle closed below the 20MA. That hasn't happened since early 2016. I am very bullish on Bitcoin in the next few years. But we should be open to the idea that something has changed regarding the mid-term bull trend. Bitcoin has bull-trapped a lot of people for 2 months now, so there should be significant resistance overhead.

These levels will become more precise as we approach them, but my general take hasn't changed: $11k-13k, maybe a bit higher, should serve as solid resistance to sell. Then, wait and see where the bulls support the price. Hopefully the lows are in at $6,000. But I wouldn't wait until sub-$6,000 to sell.