Bitcoin crashes and bounces back after all time high
Bitcoin crashes and bounces back after hitting a new all-time high of USD 4484.30 for one Bitcoin $BTC in early trading of August 15. Despite popular belief, that the top was already in days ago, the famous crypto currency continues to excite and surprise the masses and traders. When the sell off began just minutes after reaching the all-time high, the selling held on for hours until the most popular crypto coin reached the low of USD 3821. That’s a stunning USD 663.30 sell off in only a few hours.
Causing fear or top reached?
People starting to panic, stop losses getting hit and uncertainty kicking in. Most would say that we have hit the top. Have we? On the other hand, we might just have witnessed fear, profit taking and powerful short sellers causing fear to buy some cheap coins. Since the low of USD 3821, the price for one Bitcoin has recovered to USD 4195, bringing the price back on track to reach further highs.
Having witnessed more than one sell off in my life, coming from trading equity on the NASDAQ exchange, I have been buying $BTC all the way down to the low today. Most of my positions are already up, easpecially the ones i bought near the low. Short selling would have been an option, but as a believer in BItcoin and the future of Crypto Currency, I preffer the long side on this one. The next days will show, if Bitcoin will continue climbing or if we have topped out for the moment. Happy trading!