Post
Topic
Board Speculation
Re: Great news everywhere today and Bitcoin price goes vertically up, again!!!
by
KenChanYu
on 19/07/2018, 02:00:58 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.
It's hard to conclude until when this market continues to go upward or downward. We don't know what will happen next, since this market is very volatile and is very uncontrollable. But I'm still hopeful that this market can potentially recover. All we need is to trust, continue to believe that there's still room for progress, work hard to gain success, and to welcome failures as part of productivity.