Volatility is BACK!

Hello Steemians!

Yes it is back, but to the downside, unfortunately! Let us take a look at the daily chart of BTC first. None of the other cryptos matter much as they are all following BTC at the moment.

Basically, after trading sideways for about 2 months, bottom fell off on Nov 14 for BTC (and all crypto). I mark it with a red arrow in the chart above. It is cascading down since that day and there is no bottom in sight at the moment. Granted it can turn from literally any point at this time, but the trouble can be seen in the longer term weekly chart below.

In the weekly chart above, the problem is visible. Trouble is that in the 2017-18 the BTC rally was so parabolic, that there is no good well-defined bases. There are minor support areas shown in yellow on the weekly chart. Prices can bounce from/near any of those, but to find a real base, I must go all the way to early 2016, near $500 (the green line). I am not saying prices will go there, but just saying that is the last well defined base on the chart. I have no idea where the prices will go. Just stating a fact.

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.

Charts are created in Tradingview.com, which is a free service.