What to do now and Long term view mapped on the chart.
The has ran it's course. if you don't think this is a big deal, I would disagree with you. It's a very big deal and I will lay out why. Before anything makes the next leg up of a run, pain needs to happen first. So people can drive the price further on the next way up. Most posts I read predict that BTC will complete the then make it's way back up to moon eventually, maybe sooner, maybe later. It all depends on how they chart it. The most probable continuation move to the downside puts BTC right around the $7,000 area. However, it will most likey move up from there or it goes sideways and resumes its uptrend in anticipation of the halving. The probability that Bitcoin goes to 5k at this point or lower I feel is very unlikely. Possible? Maybe, but let's examine a few things on why it going that low is so unlikely.
The first core reasons are fundamental. More people know about BTC now, more exposure, more institutions, more development, etc... etc..
The second core reason is business. , CBOE , BAkkt, Wells Fargo, more getting in the game. Large business's like Coinbase and Binance need to create another run. More hype means more customer's more money, etc... etc..
The third reason is FOMO. Being that I watch this all the time, I always get a lot of texts and calls wondering what is going on when we start decling. Now that Bitcoin has dipped and people have a chance to buy in on a retrace, you know it's just a matter of time before it goes up again.
Technically speaking, I believe we are just in a small retracement of a larger pattern. on the weekly is still positive. is getting into oversold territory up at these levels, which indicates a push higher is on it's way and needs to develop.
What to do? I believe the best thing to do right now is start to accumulate ALT coins. Why. Lets look at 2 I am working on, a major and a semi-minor one.
ETH is at 170 as of writing this. If ETH were to go back to its ATH . It's almost a 5X move. If it goes just to 500, it's a 2.5X move.
LINK is around $1.8 if it goes to 10 it does similar, about a 5x move, just to $5, about a 2.5X
Bitcoin from 8.5k to the ATH is only a 2. 25X move. the potential in ALT coins right now is DOUBLE and MORE than in BTC . So, I dare make the argument that where your money should be is in accumulating ALT's, NOT BTC . Of course BTC rules the day, but I believe ALT's will go up with more velocity once BTC resumes the trend. This will take time and it will usher in Alt season.
We shall see.
Happy accumulating and hodling,
Yes there are a lot of interest in BTC but if you read my post titled "Most buyers in last 5 months bought BTC at current price-YIKES!" then you would realize that after April 2nd 2019, most of the people bought in at 10.3k. This dump is very similar to the 6k dump and those who bought at 10.3k may not want to see their price drop by 50% so they may be selling and waiting to rebuy at the bottom. This dump I'm afraid will continue. How low will it go? At least 7.5k and perhaps 4.5k. We shall see.
BTC is almost at the top of your 7.2k support zone today. But the bottom of your support zone is 1.7k lower at 5.5k. That is still a big 22% fall. Are you recommending people ladder in between the top and bottom of your zone?