It seems like we are heading down and I for one feel good about it. Well, I know short term its painful, but as I've said countless times, too fast is no good. Why? Well, because too fast makes the markets unstable and thus pushes us into another bubble.

_coindesk.com

I was listening to Richard Heart on this very issue, and I think he's very much correct. We will probably hit $8500 to close the CME Futures gap. Yes, some believe that we don't need to, but these self fulfilling prophecies tend to be quite effective, and it's time I learn to listen to my own advice.

If the trading jargon sounds too complex, do not worry. The easiest way to think of this, is to look at price action as a building's foundation. If the value has not been clearly established by moving averages, which are lines traders use to determine their strategy, then it's likely that big traders, big whales will exit their positions expecting the dip, thus obeying the trend.

Now, a key thing to remember is that if we do hit $8500 and the bags get filled, as they say, we will likely not see any number under five digits for a long time, if ever. A sneak peek into order books show strong buy walls at the expected dip in many exchanges, and a flash crash that fills in seconds will turn most people very bullish.

What are you doing?

I'm short on funds myself, but I believe setting some humble buys at least starting at 9000 towards 8500 is a great little strategy. Of course, do your own research, don't believe bloggers on the internet.

That being said, the political climate is somewhat helping the move as well. China declaring BTC as legal commodity should not be something that anyone should ignore, and the recent noise in the legislative houses around the world is a clear indication of the global trend.

MenO