ππ π½πππΎπππ πΌπ½πππ ππ πΎππΌππ?
Short Answer: No.
Long Answer: No, but...
If we look at the 2013 - 2017 BTC cycle; at the point of returning to it's 2013 high watermark - the rally slowed and eventually retraced back by almost 30%. This was the last pullback before the price broke through to new highs. Importantly, there was another pullback which resulted in a retest of the previous high point. Using this, we can apply the possibility of a similar pullback onto the current chart.
A 30% pullback would give a price of ~$14,000 which is just below -1 standard deviation from the middle of the trending channel. Based on previous recovery points, it makes absolute sense that a retrace back to this range would provide a very strong volume bounce. Given the upside potential, it seems perfectly reasonable for scaling of order from anything below $16,000 - we don't want to miss this buying opportunity.
#crypto
Short Answer: No.
Long Answer: No, but...
If we look at the 2013 - 2017 BTC cycle; at the point of returning to it's 2013 high watermark - the rally slowed and eventually retraced back by almost 30%. This was the last pullback before the price broke through to new highs. Importantly, there was another pullback which resulted in a retest of the previous high point. Using this, we can apply the possibility of a similar pullback onto the current chart.
A 30% pullback would give a price of ~$14,000 which is just below -1 standard deviation from the middle of the trending channel. Based on previous recovery points, it makes absolute sense that a retrace back to this range would provide a very strong volume bounce. Given the upside potential, it seems perfectly reasonable for scaling of order from anything below $16,000 - we don't want to miss this buying opportunity.
#crypto
