I Own Bitcoin!! and not Worried about a Crash!! Here is Why…
On May 18, overnight, two things triggered panic:
1) Reuters rehashed an old story of China ban (China ban) — nothing new
2)concerns about BlockFi liquidity given erroneous rewards being sent (BlockFi story), But this caused a healthy shakeout. Bitcoin’s narrative has splintered in 2021 given enormous wallet growth. Many new to crypto is not drawn to “sound money”, lots of leverage offered by exchanges = liquidations of newbies. During the 2015-2017 Bitcoin rally, 9 declines of >20%, 5 declines >30%, so this is a normal course. Bitcoin crashed overnight and sliced through the 200D Moving Avg (~$40k) and made a nice “touch” (worse than that) and on a ‘9’ DeMark Buy Setup. Early in the morning, (May 19) Bitcoin touched “$30k” which is the DeMark downside target, but Bitcoin made a $15k move below support, similar to the $15k from all-time highs, but in my opinion Odds are >50% Bitcoin has made its “bottom” Supporting evidence, you ask? Look at Crypto equities like SI or MOGO, SI surged 6% today.