Good.....afternoon cryptofondlers and welcome to Black Tuesday! Apologies for the delay but I had a little extra workload at the bar as the patrons needed consoling as they wept into their beer and mumbled at their portfolios!
As you may have noticed, BTC returned to the edge of the ledge last night, proceeded to jump off, and took the whole market with it. Generally between a 20 and 30% drop across the market in a wholesale fashion. You have to remember moments like these when you are sitting in FIAT on your exchanges questioning yourself why you are not in crypto and making phat gainz. The 25% off Christmas sale has been held over and there are some good bargains across the altcoin department as well.
Today's T&A brought to you by all the folks like @econchain, @jman @milfa and the rest who read and are kind enough to vote but aren't acknowledged by me and my followers in the comments.
You can see the figurative ledge in the form of the red support line (started in Nov) and what happens when you cross that long/strong support. The Caution Line is my own speculation on where I think it should bounce, as it did last time at the 10.5k price. What is concerning is the last little angle of the MACD buying line and the increased space id developed between it and the sell pressure line. While it is encouraging that there is not much lower to go before 0 on the Stochastic Relative Support Indicator, if it hits bottom and skids on it for a while, we could return to the old ass 5 month old median.
Be patient and observant here as maximum profits are made when you buy the bottom, and bonus points for the lucky who manage to buy below support. Have the fortitude to set stop-losses if it dips too far below one support and heads to the next.
As a bonus segment to keep us drinking responsibly, here is a diagram that describes the phases of a bubble. Some are fearful (good placement on the graph) but most of the veterans have seen this every quarter since forever, and are celebrating the DISCOUNT COINS we are adding to our portfolios.
Put the FIAT I encouraged you to save to good use and buy the dip, shower me in gratitude later!
Long live the miners!
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Go Miner 2049er!
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I'm just gonna HODL and wait for this to all blow over.
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HODL away! Don't believe the FUD.
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MOOOOOOOOOOOOOOOOOOOO-GUH!
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GOOM!
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Crazy day! Crazy new opportunityies!
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Indeed!
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Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
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Many before you have called the death of Bitcoin. It has proven them wroong. It will survive just fine. It has a large numbers of developers working on the platform, it will see a number of improvements. The big old BTC is now a store of wealth. Every time it is attacked it gets stronger.
We may see $9,000 before the end of this, but will will also see over $30,000 by this summer.
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Totally agree! Awesome post.
I kinda like how VV posts her observations and includes the real emotions while tempering them with rational BUY THE DIP recommendations. I have been following the update a while and recall TA predicting this dip and it is good to prepare for and profit from it.
The superior ALT coins will have their day but it is bitcoin that is the battering ram to break into the mainstream. Plus, not only the faster it goes up, the harder it corrects. The harder it corrects, the bigger the bounce.
I am all in crypto right now believing this is the bottom and ready for the profits when it returns.....not if!
Don't believe the fud!
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I too am all in Crypto (bought a couple more LTC and some ETC and BTC) in confidence of this strong bounce. In truth, one of those was a limit order I forgot about (ETC) but I am ready for the PHAT gains.
Thanks for the chat boyz!
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HODL
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