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RE: Collective Bitcoin Technical Analysis [31 July 2018]
I agree with your analysis, guy I follow Prezes, he's been talking about this retracement to previous high from the 2013 since basically even before the last bubble burst.
If indeed price goes above your $12,000 it's going to be a difficult one and it'll will trick a lot of people into a trap. At the moment I'm more bearish and I can't see the price going that high, BTC is so weak and also these recent altcoin price gain "detachment" from bitcoin is quite interesting.
I don't believe that Bitcoin will make it to 12k. I believe that this was it, and from here the price is heading further down. My alternative count scenario is just as I said to spread awareness that even if BTC recovers to the familiar bull levels, we are not out of the woods. Thank you for reading my post, highly appreciated :)
I know. It's a possible scenario and as they say anything is possible. Until 2 months ago I didn't subscribe to these lows but now I even take Tyler's $1,000 much seriously.
This line from BitMEX letter is so true:
"…Nothing goes up or down in a straight line. I still haven’t seen enough pain and anguish to believe we are done bloodletting. In true Bitcoin fashion, the price will go to the level no one thinks is possible and rebound faster than traders can work up the nerve to BTFD…" source
Totaly agree with what was said.