Once again the BTC developer infighting has picked up steam and it is a good excuse for the price action, but the simple reality is that BTC was already failing to make new highs. I see us in an intermediate down trend that will play out over the next 6 weeks before entering a short accumulation phase and an all time high challenge later this year.
Until the fork and block size debate is settled, I do not expect the current down trend to be broken.
The world environment is filled with fear, markets crashing, currency wars (most importantly yuan devaulation) and I am of the opinion the next 3-4 months will culminate in a spike that will make this rush to gold look positively tame in comparison.
I am slowly turning bullish again and have decided that further downside is an acceptable risk. I will look for a fakeout/shakeout in the next week, but plan to add to my position with leveraged coins on any dips.
Good luck to you all, happy trading.