Hi traders, today we're looking at what might be ahead of us in this bear market.

Grrrrrrr!

Bitcoin.

• As I anticipated yesterday, we failed to break above $9500 with sufficient volume to keep the price in that previous consolidation range.

• The price is now in "open air"; suspended between two fib levels and looking for support which it might find somewhere north of the $6k area and where I'll have some buy orders placed. There we'll likely get a good bounce with lots of volume although I first expect some temporary grind around the $8,5k area;

• EDIT: Just to be clear, it's also possible we get a dead cat bounce from the $8.5k area in which case I'll be looking at $9,5 to do some altcoin clean-up:

• If we do bounce then break $9500 with volume, then I might consider re-enter a bigger position but we'll see;

• Now if we were to come down to $6k and that level were to break too, then I'll probably look for $5k as the next area of interest;

• One thing is for sure, we're not in a bull market anymore. This means that bulls, especially those that have never been through a complete market cycle (that includes 99% of YouTubers), will have to adjust their strategy and their mindset accordingly.

Let me show you what a complete market cycle in Bitcoin can be like:

Yes, Bitcoin could go much lower than most people (including myself) can imagine and yes if the scenario pictured above plays out it's very probable that your favorite altcoin will lose 90% of its current fiat valuation.

The good news is that every bear market always ends up in an accumulation phase which is the best time to invest in projects with good fundamentals. So now is a time to lay back, relax and prepare for the next market cycle by doing lots of research and hoard fiat.

As usual trade carefully. If you liked this post please consider supporting the blog by upvoting, re-steeming and following yours truly.

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Also, go check out my new feature review with @deanliu, this time on the Tezos project.

Cheers.