Most "authorities" that are calling this a bear market only do so based on obvious information. They simply draw a on an intraday chart like a 1 minute and if it has a negative slope, it's a "bear market". Markets do not operate on an obvious level.
At S.C., we have standards and criteria that define the condition of a market based on MARKET structure. This means the market tells us what it is and we simply listen and adjust. The same "experts" who are saying Bitcoin is in a bear market will miss the opportunity to buy at good prices.
We follow best practices and our rules, not the herd. These guidelines give us the perspective to buy when the herd is and sell when the herd becomes . Opinions in the market are nothing but liabilities disguised as intelligence and wrapped with ego. What we think doesn't matter, it's all about what the market presents.
As long as Bitcoin manages to stay above 5K, it is telling us that it is in a range bound market. This is NOT , not even close. One of the criteria that helps us define a bear market is a progressive NEW low. So far 5750 is still intact.
Reacting to a dramatic retrace is the sign of inexperience. From our perspective, the pull back to the low 6Ks is nothing but noise. Even if price pushes slightly below 5750 and reverses sharply, that is also noise (and an extreme low buying opportunity).
In summary, Bitcoin by our definition is not in a bear market yet. Meanwhile, the majority of the alt coins are and is why we are WAITING on the sidelines in those markets. We encourage our followers to separate themselves from the herd by developing a strong defense more than anything else while these conditions persist.
The reason why many continue to have problems in these markets is because they seek action and hunger for profits. Simplicity in the form of playing one side and not using leverage filters out numerous would be losses. These are times where a strong defense is what will contribute to positive long term results. It isn't always about "how much you made", it's also about "how much you saved". Think about that. Preventing a loss is never appreciated because it is hidden from the obvious.