The two most important levels at this moment are the 6K psychological support and the 5956 reversal zone boundary. It is the extreme price scenario that I have been writing about. Since the move is quick, their will be many weak hands dumping their coins at the lows. Great time to be looking to buy.
Now keep in mind, I do acknowledge the momentum. Lower highs often lead to lower lows, but what makes this situation unique is the broader location.
Price is in a broad . 8171 to 4983 is the .618 of the entire move measured from the 150 lows. I have been writing about this area constantly because it should not be overlooked. Even though it it is very wide, and price can move lower within it, it is still a place to be accumulating.
The reversal zone boundaries at 5956 and 5669 are very probable if there is not a quick recovery over the next few hours.
At S.C. we are managing long term inventory and not selling it. As I wrote previously we have been watching for an opportunity like this to add, but carefully. We are specifically waiting for some form of reversal either off the 6K support, or within the reversal zone boundaries below. Otherwise we wait to see how much lower this market can go.
In summary, what has occurred on a chart is now history. Do not make the typical herd mistake of projecting old information forward and instead consider the probabilities. At 18K, we knew the probability of higher prices was limited, and at these levels, we have the opposite scenario. People can say whatever they want or feel, but we only listen to what the market says as it expresses itself in the charts.
Extreme prices often lead to new opportunities and at S.C. we are waiting for these to appear. It starts with the level, and then the formations. If criteria is met, you know where we will share it.
However, they are broad indicators that we are in the middle of a bear market, to cite only one very obvious, the volume is getting lower and lower week after week.
Knowing these, the price is very likely to go much lower, and not just stop here.
The way I see it is that MT GOX sold as a strategic move. The reason for selling is unclear, but it's all market manipulation. We have been advised they won't sell any Bitcoin til September and yet they sold during this bear period. Who would sell when they know this correction we are currently having is cmnothing compared to previous corrections.
We are seeing interests from economies around the world, partnerships from every industry.
Don't believe in any fud from Banks as they have controlled our economy for over 100 years, they won't give it up without a fight. The blockchain will force world bank's to restructure in a proportion they have never or will ever encounter ever again. It's this devastating fact where they will do their best to make sure blockchain innovations will not survive.
They are protecting their profits and maintaining there stature as banks.
Also governments don't have a plan of to repercussions of innovating the blockchain.
Just like Elon Mush wanting to push for autonomous driving, that will essitalially wipe out 50% of employment in the first 5 years of it being readily available. The blockchain will have the same effect with every service based industry in the world.
World institutions are more than aware of this and can't allow blockchain to innovate and grow too quickly. The problems that will follow will be astronomical.
I'm part of a younger generation that is very comfortable receiving payments in Crypto and paying for goods/services in crypto.
There are multiple advantages to working with crypto, particularly if do a lot of traveling.
Crypto currency certainly has the ability to be a worldwide (universal) currency, and in many ways, already is.
Adaptability and acceptace of crypto currency is nigh. Those who refuse to acknowledge the evolution of a new world monetary system will sadly be behind the times.