If it's to watch unfold the advent of an unbelievable technological revolution in the world of finance and transacting, you're in the right place. However, if it's just solely to make a quick buck on the side, here's the point where you gotta question if this is for you or not. Because regardless of which camp you fall into, the last 24 or so hours are probably gonna feel pretty demoralizing, to say the least. What an epic fall we've just experienced in price. And, if you zoom out a little bit more, things look like they may get a lot worse before getting any better...
Now, being a trader, I can't help but analysis data through graphs and charts. I mean, in a world where enormous price swings can manifest themselves seemingly right out of the blue, I find relying on fundamentals a particularly weak source of information. And this chart below says a lot, to me anyways. The monthly BTC chart shows an important cross is about to take place. Though we've just entered the beginning of the month, if things remain the way they are, the bear market could last a lot longer than previously expected. Though at the end of the day, these are charts we're dealing with here and therefore differing extents of "probability" are the best indicators of future price action we can hope for. However, if the candle closes under the red line, probability will most likely be to the downside. And for quite sometime, seeing as the time-frame we're dealing with has longevity.
Now, it is all doom and gloom? Well, I can't lie. It's not looking great. But in the same vein, "if" this scenario plays out as I predict, then we need to look at things from an alternate perceptive. Remember that opportunity lies at both ends of the spectrum and cheap prices, especially if stagnant, allow us to save up and buy more crypto lower down, before the eventual turnaround. Another thing to consider is where we are coming from in terms of price. And I mean looking "up" from the lows. It's clear to see that we've been in a bull market since around mid 2016. Pretty good going, I'm sure you'd agree. And the starting price back then was only a few hundred dollars. So, even where we're sitting now, at $6400, is actually very impressive indeed. Even a fall back down to around the $3000 mark is still "growth" in the bigger picture.
And if you're one of those people that bought higher up and are patiently waiting out this "ice age", think seriously about dollar cost averaging. But "only" on a break of the $6000 support level. Even though I reckon it's almost a given at this point that we will fall below it, the fact that it hasn't actually happened yet, must take priority. After all, instinct is merely a gut feeling or hunch, at best. Act upon hard evidence and things will work themselves out in the end.
But yeah, those hoping for a huge turnaround from here may be in for a disappointment. I, of course, do hope I'm wrong, but staying grounded and tackling problem with realistic expectations is also important to future success. And given the ferocity of the recent down spike, I'd be very surprised if a bull run suddenly came galloping in out of nowhere. Anyways, these are just a couple of my thoughts on this. But my absolutely imperative advice to everyone above all else is this. Don't sell your positions off at a loss. The turnaround will arrive with a vengeance. It's just looking like it may be a little longer than we'd have liked.
As always, stay focused and remain vigilant.