kolhaj
Short

Bitcoin: Bigger Picture + Worst Case Scenario

BITFINEX:BTCUSD   Bitcoin / Dollar
289 0 4
So, lots of FUD in the market these days. Can't deny that. Between China, Korea, Tether, institutional money getting involved, end of year profit taking, and Bitcoin             just needing a correction in general, it brewed the perfect storm for price drop. Personally, while its not so nice to look at my portfolio and see lots of red at the moment, I'm holding strong and waiting this one out. Patience pays off more than not. When you zoom out and see the bigger picture, the trend line is still intact. I wouldn't be surprised to see more sub $10k levels in the coming days. My personal opinion (always take with grain of salt, no one can truly predict the father) is the worst case scenario we are looking at is a retracement to about $7600. Might not happen today, or next week, but in relatively short term we could definitely see a bit more shorting as more bad news keep piling on. This is where patience comes in. I strongly believe that once all the bad news dies down, and the us stock markets start correcting mid february-early march, chinese new year ends, that big money is going to start coming back to crypto. So for now, it is a great time to learn, slowly add to positions, and maybe even take a short break. That's my plan, anyways!

Good luck out there, stay strong thru these dips!

-Kolhaj
Kommentar: Well then! Bitcoin went much lower than a lot of us expected. $7600 was my worst case scenario estimate, however that fell thru pretty hard. Looks like Bitcoin is at a huge deciding point now, will it pull back further to $5k levels or will we see money slowly coming back to the market? I am leaning more towards the later. I could possibly see another "small" retracement below 7k levels in the coming days, but I'm targeting 9k+ by march.
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