24/07/2019
Through 2019 Bitcoin has once again proven to be the best performing asset available to the masses, far surpassing the expectations of even the most bullish commentators in the space.
A staggering recovery from lows around $3.2k of 2018, accelerated through to highs of 13.8k - around 4x to its peak.
After such an impressive move to the upside, one which fast approaches the previous all-time high after an 85% correction, it would be reasonable to expect that some selling pressure would be faced. This was seen particularly at the 61.8% text book short interest level, which is where the breaks were put on this run to date. I haven’t shown this on the chart because i refer to 61.8% in a different way later, but the same thing happened back in the previous bear market recovery.
Currently we are in a profit taking stage that might last a few more weeks until we reach the 21 EMA and 50% Fibonacci retracement and fill the CME gap at $8.5k
Then we will likely continue the movement up towards new All time highs at $20k and before we see another retracement and profit taking.
In any case, this might be the last time we see prices below 10.000 this year. Get in before it‘s too late.
Bitcoin is the biggest wealth transfer in human history. You can be part of it or stay on the side lines.
Long Bitcoin, short the bankers.