After Friday's crash, i believe some cryto holders will be quite shaken and panicky. In terms of percentage retracement, this is actually not the biggest for bitcoin. The 2013 crash took it from a high of $1100 to $150, an 86% crash. The 2016 crash from $770 to $460 was a 40% correction. The 2017 China bitcoin exchange fiasco tumbled Bitcoin 35%, and the ETF rejection caused another correction of 33%.
This time round, we corrected about $900, roughly 33%. Bitcoin has since found some support on the long term trend line and is sitting steady. The corrections are becoming more shallow in percentage terms but bigger in nominal value because of the price. My point? Look beyond what the media is painting, because i am sure it is a good time to hit the headlines with sensational words like "crash" and "volatile". Its quite the opposite, Bitcoin is becoming more stable through each correction.
My charts show how Bitcoin has found support and will face some resistance at 2300. I am quite sure however, that quick buying pressure will come in again. The interesting thing this time is how Ethereum has shown more strength as compared to Bitcoin. Notice how Ethereum recovered ahead of Bitcoin in this correction. This suggests that the interested parties are eagerly loading this dip. Ethereum could rise at a faster pace than Bitcoin in the next run.
