The Bitcoin's price correction

30 July 2019, Tuesday, 05:51 - Edward Xilay
The Bitcoin's price correction

Studies on Bitcoin price corrections work poorly. The BTC does not have to repeat the same pattern again. It seems more profitable to play against the crowd. So, price corrections are always different.

There are studies on the Internet now, where experts are trying to predict price corrections and the price tops of Bitcoin. The statistics of the previous growth cycles are taken as a basis. I have nothing against such an analysis, but in practice, it works poorly.

And why everything has to come down to this? If during the last bullish cycle Bitcoin corrected by -37% on average, it does not have to repeat this pattern now. So, it is more likely to correct either weaker or stronger than the previous time. Why would crypto whales drive the price to a place where a crowd of traders is waiting for it? On the contrary, it is more profitable to play against the crowd and to play a new scenario each time. The global growth trend remains the same, but the local corrections are always different.

For those who are still interested in tracking the statistics, I have provided a link to the research in twitter. In short: according to statistics, this correction should end at the level of 8,500-8,700.



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