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– Bitcoin retracing, which is not surprising. After a quick price gain, there is retracement. Which we see time and again. You remember when Ethereum peaked at $400? Quickly back down again, yet still with very quick growth in a short space of time.
– Bitcoin cash showing the same signs of consolidation for the moment, sitting at around $700, which makes it around 17% of Bitcoins market cap. Not bad for a currency born a few weeks ago.
– Ripple a big gainer, you should know I love talking about Ripple. They confirmed rumours they are looking to break into the Chinese market, and there is building speculation of them entering Korea. The rumour is being spread from a tweet from Ripples social media team: https://twitter.com/blockstradamus/status/899839541128777729 A top reply to the image being that the logo looks a lot like the map of Korea.
– Now this is not financial advice and I am not a financial advisor. You are responsible for your own money. For those who are looking to get into bitcoin now is looking like a much more attractive time. But will we see it go lower? The secret truth behind this is, no one knows. So, what some may wish to do is move into their Bitcoin position gradually, buying a little bit every day or every week. Because if you go all in, and the price drops drastically the next day, your stomach hurts you know.
– But then the price will recover, for sure. What happens is when the price drops a little bit, and those weak hands that bought it while it was high notice they’ve lost some money, panic sell. And that’s a vicious cycle that continues until a certain support level.
I am not a financial adviser and this is not financial advise. I’m just a humble man with a great passion for all things block-chain, even tangle.