Sometimes it helps to see things from a different perspective, and one of the ways I like to do that is by removing all color from the vanilla chart, and then adding color to where I see trends that have formed or are in the process of forming (see chart further down in this post).
Currently, Bitcoin is poised to drop down to $6000 USD in a matter of hours or days, at least if the volume is any indicator. That being said, we shouldn't see the price stay at $6000 for too long - at least if this is the price that buyers are salivating over, we have to consider the possibility that there is a large whale dumping right now, and buyers smell blood and want said whale to dump at $6000, not $8000 like they're doing right now.
Google the infamous Bear Whale of 2014 if you are unaware. It's definitely an historical event from Bitcoin's early years.
The odds of another Bearwhale assault happening are slim, but smaller events do occur where whales dump for reasons unrelated to market sentiment. The more likely scenario is that prices are either being manipulated by a coordinated effort, or we're watching a squeeze occur. Either way, this would be a bullish sign in the near/mid future once this proverbial bowel movement is over with.
However, a sizable amount of Bitcoin buyers are salivating over the prospects of Bitcoin plunging, Which means they took profits at the most recent top and are eager to buy back in at a sweet 50% discount or better (I'm included in this group, lol), and from experience I can safely say that Markets never behave how people want them to - unless it's completely rigged and price discovery doesn't exist, or by fluke chance the stars align and people get what they are hoping for. We'll see within a week, two tops.
If I get my wish, Bitcoin will tank to 2016 prices, but as they say "if wishes were horses, then beggars would ride."
Thanks for reading. Stay safe and keep your head up.
