Bitcoin Might Retrace Down More At These Levels Now
Bittrex
Bitcoin reached a milestone today at the $11,700 level and it has a short history this month of going down to about $200 to $300 down when it reaches that price. So we are not so sure if it would continue to run to $12,000 easy without a retrace or profit-taking all the way down to about $11.4K again. We will for certain what will happen in the price movement but we can only base our current trade decisions to the charts like where to buy and sell because in the past it went down to this or that level.
But the chart is indicating a retrace but definitely it will come back right up and surely in due time it will going to surpass the $12.K and will never come back down. Of course there will be sell-off along the way but it is just almost predictable because if we can just observe it simply that when BTC reaches a milestone price, usually after a big long green candle it will sell-off.
The sell-off is a great opportunity to buy-in again and it is indicated by long red candles. A trader can just accumulate more BTC with this technique especially in the case of BTC where it just goes up and up with its price because of the factors behind affecting its positive price valuation like its finite or limited supply, people hoarding and storing it, also with newer people who are discovering bitcoin and getting into the piece of the action which to buy and or invest and trade with it.
Also, big business or entities and wealthy people trying to park their money in BTC so that it can be safe than putting it in a bank where it is just at risk of de-valuing due to inflation, bank run or "bank holiday", or a government failure just like what happened in Venezuela.
It is just never too late to get yourself involved in Bitcoin because the price will increase and it only requires time. It is actually happening right now as the price is creeping up slowly which is actually too fast if compared to other traditional money markets. So if you have some money to spare around, just go ahead and buy some bitcoin and see for yourself that investing a portion of your wealth now is one of the best decisions that you will ever do because of the reasons stated and your future will definitely be brighter compared than if you do not invest in BTC in particular at all.
Dislaimer:
All the statements here are from the author's own vision and opinions only and should not be used necessarily as facts for your own financial decisions, please do your own diligence and careful research and educate yourself before venturing in a high volatile financial instrument like bitcoin and altcoins to avoid potential losses of money.