CORRECTIONS ARE HEALTHY
8 weaks of bullrun nonstop, time for price to correct and rest, nothing wrong with that, does not mean that we are going back to 3k at all. There is no healty bullrun going up straight to 100k, this needs to relax, consolidate and reaccumulate. Good sign is that they did not take the ATH in any exchange, kinda estrange having that key area and liquidity so close, so sooner or latter, but the ATH will be retested 100%.
First parabola I shared some days ago, broke down as shown.
(tradingview.com/chart/BTCUSD/9dVLNPKF-ON-THE-EDGE/)
And few hours ago the second biggest parabola break down too, as shown in the chart, so for me is clear that this needs to correct. Usually this kind of parabola can easily retrace a 61.8% so It would not surprise me at all to see a retrace to 14k area.
For now this last red support is holding, so we might have a bounce
Resuming, retrace are healthy and need to happens, during 2017 bullrun price retrace more than 30% at least 5 times, so this time will not be different. Still pullbacks are for buying.
First parabola I shared some days ago, broke down as shown.
(tradingview.com/chart/BTCUSD/9dVLNPKF-ON-THE-EDGE/)
And few hours ago the second biggest parabola break down too, as shown in the chart, so for me is clear that this needs to correct. Usually this kind of parabola can easily retrace a 61.8% so It would not surprise me at all to see a retrace to 14k area.
For now this last red support is holding, so we might have a bounce
Resuming, retrace are healthy and need to happens, during 2017 bullrun price retrace more than 30% at least 5 times, so this time will not be different. Still pullbacks are for buying.
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