I love to write responses to myself in Medium — it makes me feel like penning a blog..

First of all, Bitcoin surged to 9200 USD from around 8500 following my article and shaming me on the strength of the bull market.

Then in relatively quick trading collapsed from 9100 USDs to around 8400 during Sunday.

I will update my views with these devlopments:

1. The bull market is stronger than it looks.
2. While there are limited sellers, there is a lot of short term trading and margin activity that makes 5% moves in minutes.
3. Sunday sell off is good news — a parabolic increase momentum would have built up an unsustainable momentum.
4. If another pullback happens — that means somebody is getting squeezed and a rapid reaction to the upside can happen.
5. If this is that pullback, don’t be surprised to see prices above 9000 rather quickly.
6. If nothing happens and 8400–8800 range is traded again, I’d begin to think Bitcoin is maturing rather rapidly.
7. My take is an up or down move is more likely first and then consolidation will happen. This market has limited sellers, most downward moves could be viewed as a buying opportunity. In fact, they make the market healthier.