If it continues to fit the graphic then we should be hitting bottom over the next 3 to 4 weeks.
I suggest a buying strategy, to use this time to stock up on bitcoin. You could buy steem but the lower bitcoin goes the harder it's going to hit steem (like every altcoin). If it does get as bad as this graphic implies then steem could easily revisit $1 or even under for a time, and so the best thing you could buy as you're going down would be Bitcoin and then setting low buy orders for Steem, especially as the price could dip into it before bouncing up again and you get a good deal
Everyone was wishing Bitcoin would come back down so they can get more and they got their wish. We should have an alternative plan whether it goes up or down, sometimes it's not possible to make them equal but banking on one scenario is bad as you panic. Panic makes you do stupid stuff as you try and figure out what to do. Best to figure out your best worst plan is in advance, even if it's to realise you have none. In this case while you're trying to salvage plan A (ie. trying to save what you have) you'll probably make mistakes like selling at the bottom or getting caught in a bull trap and buying back in higher only to find it went even lower. That and general feelings of powerlessness which you always want to avoid. Anyway the point is the faster you can let go of one plan the faster you can make the best of what's changed.
So the best thing anyone can do here is to completely flip their point of view. This isn't a bad thing, it's the best thing. I just have to put my lambos and romantic moon getaways on hold. The Bitcoin space rocket has heard the prayers and wishes of people lamenting that they missed out on cheap prices and is giving another chance just like they wanted. But people won't see it that way they'll freak out and sell. People are going to miss out on this just like it was in 2014, maybe even sell at a loss. They'll see it go lower and lower and they won't buy until the next time they look and it's more than what they sold for, but they still don't buy or they see it as them losing even more until they finally buy back in way up the top again wishing they'd bought at the bottom.
Sorry this comment went on far longer than I intended. I suppose I'm mostly writing to myself so I'll remember. :)
Just a little more of a rant...
This whole situation with Bitcoin is exactly the same situation I've been experiencing since I started in cyrpto in June with altcoins. The charts now look more or less the same on average to a hundred other charts, the psychology of buyers and holders look the same. The way when the price is on a bull run most people can have nothing bad to say and then when the price corrects "coincidentally" a large number suddenly find all these "problems" with it, that is until the price goes up again and then it's all sunshine and rainbows again. I've seen this happen over and over and over again.
In the case with Bitcoin it just happens to be the entire cryptocurrency market that's taking a hit, rather than one coin within the market. Rather than the FUD coming from elsewhere in crypto it's FUD from outside it, but I seriously see no difference whatsoever between the two it feels just the same with very similar stuff going on psychologically. In crypto when a coin goes up some people create FUD to make themselves feel better about having missed it, when it has a big correction the same people can keep up that FUD so they can congratulate themselves. The only difference is those outside of crypto don't have any and will now get to spend the next few months feeling smug. I think this will get harder and harder to do the more we see this pattern of Bitcoin keep repeating. There's only so many times you can point to a crash very publicly make a definitive statement that it's going to zero and then see the price reverse and exceed the previous high.
It's only a powerful influence when people do it now because for most of the world this is the only Bitcoin crash there's been, because even if you've been told about the others it's a totally different when you've been in a bull or bear market yourself and experienced it firsthand while its happening. That's why when you get into crypto at the start of either it defines what's normal to you. So if for months someones experienced bearish prices when the market goes into a bullish cycle they don't understand what's going on, they're only used to pump and dumps and so expect them to always amount to nothing. I saw it in the transition in the summer to late November to the start of the Alt season in 2017, people need to make sure they're staying alert and not still playing by last months or even last weeks rules
This was really the year Bitcoin came into public consciousnesses in a massive way and for many people pretty much for the first time. They were told this was a big bubble and now they will imagine that it's now bursting. Crucially they were made to believe when the bubble bursts it's not supposed to go back up again. People still think the "dotcom bubble" went to zero and didn't recover, that's why they also compare Bitcoin to something as frivolously empty as tulips.
Even the biggest FUDDers these past few months said it was going to at least +$50,000 and even Jamie Dimon said it could even get to $200,000. They also said it is due a correction after going parabolic. Well here is the correction and it's no longer defying gravity, but of course just like with altcoins every single period of healthy consolidation of a pump in price it's approached as if it's a disaster, that it's all going wrong and maybe it was bad coin, a bad project, lazy devs or no work is being done for some other reason, and even whispers (or screams) of "scam" ....until the last few people sell having been convinced and the prices goes up and suddenly those sellers find the market has a positive mood again and all that other stuff vanishes. 90% of cryptocurrency = this bipolar volatile hyperemotional crazy .
So the ones most famously negative to Bitcoin, by their own measure, is that this is just a correction on the way up much higher. But it will be forgotten about for however long it takes to complete, as they'll act as if they didn't say any of that in order to get the reward of kicking Bitcoin some more with smug self satisfaction by saying "I told you so" even though they didn't.
We'll see the sentiment change as the price recovers and if you had missed the space in between you'd wonder how they could suddenly become so positive about it after dragging it through the mud weeks earlier that will coincidentally just so happen to match with what the price of it was. I'll never understand why people think they can only pay attention to the crashes and dips and ignore the price increases. What a negative distorted way to see anything, where the allegorical glass is always seen as about to be empty when only paying attention when liquid is removed not added.
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thanks my man, i have the sentiments and i'm new to this, i only have one regret, i invested in altcoins at around the the 10000 mark and again at 8000 mark, im out of cash for the 6000 and 5000 but hoping to see bitcoin hit 30000 by year end
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