Personally, I am not a fan of calling tops or bottoms, but I think it's important to prepare for all possibilities. Where we stand right now. Shorts and Longs seem to be battling it out, and for the first time in quite a while we're reaching parity between the two. On the bright side, that means we're getting closer to a reversal.
Here's the problem though: Most people lose a trade.
By that notion, we have to wait until shorts severely outnumber longs before a reversal can occur. We have a ways to go before that. In fact, conservatively, we could see a dump down to 5800, but on the other end, we can see a dump of 80% from here. Think $1300, pre-2017 levels.
There's potential here to make a lot of money. Especially if you're shorting BTC on mex, but the real concern here is your alt holdings.
What are you to? Bottom sell? You bought in towards the bottom of the market cycle, if BTC falls another 80% from here, wut do? Hodl
I'm the last proponent of the hodl meme. Seriously, it's annoying, but in this particular case, you're going to feel really stupid if there is a sudden reversal or if alts have a similar spring to the 2014 mid bear szn alt cycle. I say, stick to you guns, and sack up. Nothing in life is easy. Volatility is the price you pay for returns in the market.
The above chart would indicate possible drop below .786 fib, which would confirm the 2014 fractal. If that is the case, we will see serious blood