Courtesy of: https://goo.gl/images/7SUQsG
We have come a long way folks. ever since we made the initial panic low in February I was one of the only ones on Steemit (and probably on many platforms) saying sell ALL rallies. From that point forward the parabolic trend had been broken and it was going to take TIME to figure out what was next. Over the next couple months - after the bounce to 12000, which I said SELL, and the bounce to 1000, which I also said SELL - we are finally here. This is what we have been waiting for all of 2018 basically.
Looking at this chart, mind you I have been dead nuts on this entire year and this is the first time I do not have solid CONVICTION of what I believe happens. That is why we have to be prepared and react. I see three different price actions moves we can have here. with bearish sentiment increasing and apathy setting in, I feel that the move and decision is closer than ever now.
Bitcoin bounces here and rallies 30+% back up to above 7500-8000ish. It will find resistance there and then likely (once everyone is bullish again of course) head back to the lows for some panic.
We panic now (BEST CASE SCENARIO) and smash down to under 5000. Inducing some panic in the market at these levels will likely shake the last of the weak hands out and cause the big boys to adjust sides. that will put in an intermediate term bottom where we should rally significantly and then hold.
We keep grinding lower, and lower...(worst option) the fact that there is no volume on this move down and just constant selling is telling me that the big boys are waiting lower. However if there are no buyers here then the big boys are just going to keep lowering the bids til they find some. We grind lower and then panic induces will cause us to fall much further than I personally would like to see but is not the end of the world. the lower we go the longer it likely takes to repair ovrtime.
This is the moment I have been calling for and waiting for! It is just very anticlimactic and the best thing to continue to do is just sit and wait...