Last week we saw bitcoin go below $10,000 mainly because of FUD. We saw some fresh investment in the market and all the currencies recovered. Bitcoin has been trading around $11,500 since then and market sentiment seems to still be bearish . It is not overly Bearish as it was but a week ago. I have seen some guys calling for $5000 Bitcoin or lower but i dont see that happening at the moment.
I am looking at the 11k level specifically to add to bitcoin holding or a bullish signal with a "Preliminary" target area of $13,700 to $15,000. Can we still correct to $5000? Sure, we can also correct back to $9000 to form a double bottom , SO I am looking at the $10,500 level to hold as verification we do not correct further. But at this point scared money is likely gone. I mean if your scared you don't continue to invest after being crushed twice. In addition market sentiment is starting to change. We are still seeing a lot of short calls, but we are also starting to see some long calls as well. As the herd is generally late to the game I am looking to add to my position for a longer term trade, keeping in mind that the market overall is still correcting, so we can still retest $9000 where I would be a buyer.
Disclaimer : This is not a professional investment advice, please do your own research before investing.
