The recent price action is very bearish. We might be testing $62 or $63 soon. I hope not.
A climb to $75 and then a pretty typical correction is 'very bearish?'
Some people seem to think that after the market has run a marathon it can't take a breather before starting off again.
Must be the same people who moonlight at Foxconn managing the assembly-line workers....
It is a bit strange from the current trend though. For the last few months, when it takes a breather, it goes sideways, not down.
The run was unprecedented, so the bid side is quite thin, as no one would have thought they could buy at those price points, otherwise the down volume is pretty lame.
What I am thinking it will certainly dip to $60 but even $50 seems pretty slim chance, it would require both:
- a seller willing to sell 10-20k
BTC at once, for a price less than what he would have gotten when selling to strength
- all incoming funds to the exchanges stalled for 2 days (like they do on weekends
)
The first requirement is met if we are talking about a sacrificial seller, a manipulator, or a panicker. There are not too many of any of those left in 10k+ category. The second one happens every week, and should be corrected by the market. As long as the rise only happens on weekdays, we can safely conclude that bitcoin rises due to fresh buying.