Bitcoin Crash Escalated Quickly—So What Now?
Story by: Clem Chambers
On the November 20 I wrote, Bitcoin Is Crashing Again and on the November 21 and the November 22 it did just that with a fall of $1,200.
My analysis was based on a chart I de-noised:
My de-noised Bitcoin chart
CREDIT: ADVFN
I suggested targets:
My suggested targets for Bitcoin when I wrote last week
CREDIT: ADVFN
So this is where we are now, at the target within hours:
We met my target within hours
CREDIT: ADVFN
Firstly, while I have been flatteringly blamed in the past for bitcoin crashes, it wasn’t me, I didn’t do it.
So what next?
PROMOTED
This is my favorite speculation and I would say this scenario is highly/quite likely:
The likely outcome for Bitcoin
CREDIT: ADVFN
But… The following is definitely a possibility and the chart looks optically better to me than a mild crash. However, I think it is less likely than a $6,000 stabilization:
This is also a possibility for Bitcoin
CREDIT: ADVFN
Of course, many will be hoping for a V-shaped recovery but V-shaped bounces are very rare and need the strongest of catalysts. W-shaped bottoms happen four times out of five.
This is good news for the investor and even the trader as a W-bottom gives plenty of time for investors to get comfortable with a bottom and to buy into it.
I will be acquiring at this level and will buy heavily at every $1,000 levels down if they come to pass. The golden rule of buy and hold, is buy the dips and HODL.
Of course it feels horrible to do so but if anything is an investment rule, it’s buy low.
So here we are!
Original story: https://www.forbes.com/sites/investor/2019/11/25/bitcoin-crash-escalated-quickly-so-what-now/#5d28d57950b8
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