If you look at BTC
from purely RSI
perspective and zoomed out to Monthly view, you can see, that for the first time in so many months it is out of overbought territory and is currently at 60 points. Last time it was at such a low is 2016 August 1st. If you look at the chart and what happened then you could see a similar pattern, that all of us can recognize. You will spot similar patterns and FUD, panic and whales kicking their Skynets to buy your tears and blood in bulk. So be careful IMO
, when someone says: "Short till 4k or 2k" as this might never happen. Last time when we hit 7350 and bounced up, people were also saying that nah, it can never go back it will just continue to fall and become 0 USD. Cryptos are elastic, so why should you break when some MagicCarpCannon is telling otherwise?
This is 2016 August 1st chart.
Parabolic few months ago? Check.
FUD sale after sideways and "bottoms". Check.
Panic overselling when already in negative RSI? Check.
Bounce back. Next month.
Action sideways as man that was sick for a long time? Few months.
Moon is still there? Few years maybe :)
Cheer up. I am a newb too, I have lost a lot, but I will learn and so will you.