Post
Topic
Board Speculation
Re: Great news everywhere today and Bitcoin price goes vertically up, again!!!
by
timerland
on 19/07/2018, 00:13:09 UTC
Quote
Taking into consideration last weeks looks like the bullish market is ready to start. What do you think am I right?

I don't think that's the case.

Even though we may have seen a small bullish run right now that took bitcoin from $6k to $7k+, I don't think that it's enough for us to call this the start of a new bull market. There is still mainly bearish sentiments across the market, and virtually no bullish momentum.

Even if $6k holds as support, it's unlikely to go fully bullish all of a sudden. There will still be mostly sideways movement for the rest of the year without much upward growth, in my opinion. Furthermore, the $10k resistance was a lot stronger than a lot of people expected and there is no indication that it's any weaker at this stage. Taking into account how long the 2014 bear market lasted, I think that it's definitely too early to call it a bull market right now. However, buying BTC below $8-9k with DCA should be a good strategy nonetheless.