Are you ready for the great Bitcoin shakeout of 2017?
I hope you hodlers are prepared and realize what hodling really means. Sometimes it means your investment is underwater for 3 str8 years as anyone who bought BTC in 2013 can tell you. Cliff High's Web Bot may be super bullish on Bitcoin but it does not have a 100% track record and it mentions in the report time frames could be off by 4 months or more. If you did not already know a certain Bitcoin newsletter is now calling for new all time highs. I think the bot may be right but It will not happen without a great shakeout first and a fall from new highs to $800 does not a great shakeout make. We still need to hit lower Fibonacci decision zones on the way up. I think Bitcoin 600$ is a very conservative prediction.
These are my thoughts not yours and I am @matrixdweller
Edit: Nobody is talking about the volume drop on Bitfinex.. I assume other exchanges that did a lot of margin trading are seeing volume drops. Fearing decreased liquidity and increased government regulation some whales may get weak hands here. Not because of the legal threat but the financial.
Not Financial Advice
You would think bitcoin would rise during a market crash and there's still plenty of bubbles that need to burst in our future. So I think there will be a lot more upside potential than downside but you're right we could easily see $600 or lower because this thing isn't controlled by central banks.
If you're in for the long haul by the dips.
I'm just going to load up and buy more on a drop. Hopefully it will be quick, not drawn out.
I was watching this early this morning (for the second time around), and it makes a lot of interesting points about Bitcoin becoming the scapegoat of choice by centralized power. The latest news in China signals some of that sovereign power being unleashed on the Chinese exchanges to remind them that the government is in control.