Bitcoin Price 2016 March 11 slow uptrend?
Bitcoin Price 2016 March 11 slow uptrend? Taking a look at the 4 hour chart we can see that Bitcoin just broke a nice trend to $422. Were currently in a pullback to $415 area but it is getting a lot of support. I think is in the beginning of a slow uptrend to the $440 area where the last rally ended. I expect many dips after new highs on this slow uptrend that you can buy. I don’t think $400 we be seen in the near future. The chart below shows a slow uptrend from Feb. 23rd to March 1st I think the same scenario will play out.
The current chart shows support at $416 a good time to buy with a stop at $410 it should rise to $425 then dropping again.
In general, long and drawn out trends are unhealthy as they cause extreme investor sentiment. Extreme investor sentiment on the other hand has been a historically accurate measure of a trend reversal or significant correction.
Just as a mortal human can only exhale for so long without inhaling, the market can only go up so long without correcting. The longer one goes without taking a breath, the deeper the next breath with be. Minor corrections within rising prices give the market an heir of credibility and provide fertile soil for investor extremes. Chances are we will see one more correction before the market stages another rally leg.