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November 28, 2018, 06:39:49 PM
Merited by yefi (2), soullyG (1)

Can't believe some folk were doubting the bounce. When was the last time bitcoin lost nearly half its price in a couple of weeks and didn't bounce?

Not doubting the bounce...a relief rally, short squeeze, a bull trap, I expect all of those... just cannot help but think we will still come down to retest this recent bottom... maybe in a few days, a week or a few weeks,  or even a few months, and don't get me wrong I bought a few at $3500 for the first time in over a year, but I still think we are coming down to retest the $3500 region.. if it is defended a 2nd time, and the volumes are nice I think we have a chance at a bounce, but I also kind of think we could break it and head to £3150 ish  and test that region... ultimately I want to see a snappy bottom, that triggers my buy orders, and a healthy bounce with volume... this bottom feels soggy to me.

It could be we just end up with a soggy bottom and sideways in a range for a while...  or it could be in hindsight a few months down the line I look back at the chart and say, wow that actually was a nice v shaped recovery with volume when viewed zoomed out and what an idiot... but after the recent price action and trend, and the ferocity of the recent dumps, I would much rather have added at $3500 and be on the outside looking in, than fomoing and then watching it fall past $3000, live to fight another day as they say.

This is BTC so I could be and wouldn't mind being wrong, and things could change, but put it this way I am very happy to have saved plenty of dry ammo... I am happy with the state of play and am unsure the gruelling down trend is quite over with yet.  

Depressive I know...

Midterm and long term I'm bullish AF thou