Are you really surprised or you weren't paying attention? BTC's down turn was predicted when it was at 55k back in April and 52k a little later in May.
What is going to happen next?
BTC chart shows us a complete bear market takeover and there is no sign of reversal on sight. Based on the 1st scenario, it is going to bounce back up before going down but that would be a part of it's downtrend movement, not a reversal. And worst of all, this time the "Master of Coins" is incapacitated by social media forces and China is going full force against BTC to promote its digital currency. We are the fear stage now and when the price goes down to high 20's the panic will rule the market and that's where BTC will stay dormant for a couple of years before it's 100k run.
Is it impossible for the market to completely change directions? Absolutely not, if we see higher lows in a month, and a strong support at the 0.5 fib once we surpass it, then the 2nd scenario may play out. For now, I'm going with the 1st scenario. Why? Because, who would bet on "catching a falling knife" when there is no confirmation?
What is going to happen next?
BTC chart shows us a complete bear market takeover and there is no sign of reversal on sight. Based on the 1st scenario, it is going to bounce back up before going down but that would be a part of it's downtrend movement, not a reversal. And worst of all, this time the "Master of Coins" is incapacitated by social media forces and China is going full force against BTC to promote its digital currency. We are the fear stage now and when the price goes down to high 20's the panic will rule the market and that's where BTC will stay dormant for a couple of years before it's 100k run.
Is it impossible for the market to completely change directions? Absolutely not, if we see higher lows in a month, and a strong support at the 0.5 fib once we surpass it, then the 2nd scenario may play out. For now, I'm going with the 1st scenario. Why? Because, who would bet on "catching a falling knife" when there is no confirmation?
