Looks bad doesn't it? But wait, see the next one.
Previous bitcoin bubbles
The bubble to 240 dollars
The bubble to 1200 dollars
Lower highs and lower lows
You're seeing everywhere posts and comments of buying the dip and why they bought now after the price is falling vertically down. Consider the history I've shared with you, does this next chart look similar to these?
Face the reality and plan your next steps
Have you sold? If not, can you hold through the absolutely worst? The uptrend took 760 days, the downtrend can last +360 days. If the prices continue falling and if they'll reach as low as 1400 dollars, will you sell then? When all hope seems lost? Prepare yourself mentally for that as it could happen. Just look at the history.
Return to normal?
When everyone is still telling to buy the dips in hopes of new all time high, you know we're in denial phase. Wait for blood on the streets and "Bitcoin is dead", "Bitcoin will never reach 4400 dollars again" talks. That's when smart money buys in silence.
Additional rant
I might be wrong here but crypto is looking to be in the beginning of bear market. Meaning lower highs and lows in long term. I'd be patient, the prices could be much lower for btc and eth in 6 months. Just look at the past.
Also crypto has been going up for 2 years now, there always is an correction and always has been. And when everyone is telling you to buy, you know the there's not much profit to be made by doing so. Just basic trading 101.
I also know this isn't the popular opinion. Some here seem to expect crypto to just go up forever and ever. We are still early, but there will be corrections. It isn't the end of the world. It's rather healthy for the markets. Just hang on tight if you decide to hold and don't check the charts or you'll end up selling at the bottom when it hurts the most.
This doesn't mean the price of 1 btc will just suddenly fall to 1500 dollars. There will be bounces up but they'll always be lower highs. If my prediction is right, this is a start of the first bounce and it will not go higher than 4944 dollars, which is previous high.
Good luck you to all!
Last Words
Right now we'll see bounce up in daily timeframe. Let's see how far we'll go and if this truly is the start of bear trend!
I haven't bought nor sold. I intend to buy... just biding my time! Thanks for the great post.
The first rule of the trading club is to never try catching the knife while it's falling :DDD
what time horizon do you see for this correction?
I was thinking it to be shorter than previous ones, around 6 months, but this abrupt movements remind me so much of a lighting crash like 2008 stock market, maybe by the end of the year could be time to buy...
anyway now it's time to wait and see :)
It could take a while. Months, not weeks. Maybe even a year. I will do a post when I think crypto is again bullish for the long term.
That's a nice post ! It gives relevant informations when added to the mix of some other interesting POV.
Shake out all the "suckers" and then "buy em up cheap"!
Typical fear and chaos mind control through pump and dump.
This is how the markets work. Smart money buys low in silence, then they sell high. Depending on the phase, the propaganda and marketing will reflect that. Rinse and repeat. I wouldn't go as far as saying it is mind control. We all can see the charts and the data and know what cryptocurrency is and what value it can bring. I'm seeing a lot of talks about "Why I bought now" and "Cheap coins all around" which can do a lot of harm. I'm trying to give an alternative view, not just for the sake of it but as I myself believe in it.
@surfyogi I agree! I view myself as the smart money @igster refers to.
@igster its really intriguing data..excellent submit preserve it up..
intriguing post indeed... but unfortunately seems that recent days kinda defy the trend.
You're totally right. It seems the big boys are moving in heavy on Bitcoin. I hope the rest of the market catches some of that value in the coming years.