BTC - Now that's a pullback! by jrcornel

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· @jrcornel · (edited)
$15.57
BTC - Now that's a pullback!
# Bitcoin dropped over $1,000 dollars in a couple hours...

Mostly related to one large account trying to sell about $35 million worth of bitcoin.

Ironic that one account selling $35 million could cause prices to drop $15 billion worth.

Anyways...

This is the kind of dip I was looking for to likely mark the end of this recent uptrend:

https://i.postimg.cc/5y4d2WgM/bitcon-drop-chart-17-may-2019.png

(Source: https://www.forexlive.com/cryptocurrency/!/bitcoin-dropping-away-under-7300usd-20190517)

Prices are likely to continue to trend lower now and consolidate.

I don't think the bull market is over by any-means though, in fact I think we are at the very beginning of a two year long bull cycle that will have prices peaking considerable higher than their previous all time highs.

# What happens next?

Well, if we go back to 2017 and look at the chart of when bitcoin really started it's bull market it had a big up move like this in May as well.

From there, it took about 6 weeks or so of pullback/consolidation before prices started going up again.

The low of that consolidation took prices down about 50% from their peak.

If that same pattern plays out here, we have about 6 weeks or so before we resume a major uptrend and prices would test about $5k or so at some point during the coming weeks...

I currently have buy orders at $6,500, $6k, and $5k just in case.

Stay informed my friends.

-Doc
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@felander ·
same here, the buy orders are set and I had a short going at that time as well so it added a bit of BTC to my wallet.  Short closed now though
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@jrcornel ·
$1.34
Nice work. I don't like shorting bitcoin (even if I could, haven't found a place to do it here in the US.). Bitcoin is scary, it can go up 3x over night or it can drop by 50%... don't sleep well at night with those kinds of numbers being short...
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@felander ·
I short but with tight stoplosses, I forgot a few times in the beginning and did indeed lose more then I wanted.
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@alexvanaken ·
You can short bitcoin on Kraken in the USA but I agree it is sometimes scary and painful shorting it lol 
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@streetstyle ·
It was a needed cooler before trekking back up.

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@jrcornel ·
$1.31
I think so as well. I am happy to see it finally come.
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@tts ·
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@jrcornel ·
$1.29
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vote details (7)
@denmarkguy ·
These crazy rallies do tend to be unsustainable... my only hope is that some of the profit taking might help the alt coins.

*At LEAST* Steem didn't drop the typical 15% in response to BTC giving back 10%.
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@jrcornel ·
$1.27
I think it did actually... It has just bounced a penny or two since then. :)
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@resiliencia ·
I am willing to see the BTC at 5k again to improve my positions! :)

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@jrcornel ·
$1.24
I would love $5k again as well. Just hope I don't buy too much of it before that price happens.
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@resiliencia ·
๐Ÿ€๐Ÿ€๐Ÿ€๐Ÿ€

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@ew-and-patterns · (edited)
$0.02
"Ironic that one account selling $35 million could cause prices to drop $15 billion worth."

If you really believe this sh.t I have to unfollow you.
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vote details (3)
@jrcornel · (edited)
$1.18
Haha, touche. I was mostly being sarcastic there.

Though, I believe the thought was that it had a chain reaction. That much money hitting the bid caused people to pull buy orders, caused shorts to pile in, and it caused stop losses to be triggered... all resulting in a massive drop.

Most likely that sell order was done by the same group that helped run prices up in the first place.
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@newageinv ·
Consolidation will be great for the prices over the medium term as more come to realize that it is still a great opportunity for the longer term as adoption continues to improve.

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@jrcornel ·
$1.24
I think so as well. Often when bitcoin goes sideways is when the altcoins really shine. When bitcoin tanks it often pulls them down with it.
๐Ÿ‘  , , , , , ,
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@andr1an0 ·
The accumulation of bitcoins for selling off S2X plus the futures announcement means this rally appears unlikely to pull back in the short term at least.
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@jrcornel ·
$1.32
Well, we have dropped from $8,300 down to $6,800 or so. Right now bouncing slightly to $7,300... I would like to see a bit more drop before I would be willing to put much to work here. Hope we get it.
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@diogosantos ·
Finally, and as I believe history repeats itself, especially in the markets, Iยดm waiting for mid-June to go in, even deeper, a final preparation for a 3-year bull run... :D
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@jrcornel ·
$1.27
If this cycle repeats what happened in 2017 when it first started really going up, we will see another surge starting end of June or so.
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vote details (6)
@corndog54 ·
Did you jump in?
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vote details (1)
@jrcornel ·
$1.34
I bought some around $7k yes, though not nearly as much as I wanted to. I am in the camp that thinks we will see $6k in the near future...
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