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!