I'll be honest, I don't trade. Trading is not my thing because there is so much you have to deal with and it's not worth it to me yet. Fees, taxes, laws... I'm young, low salary, going to college, right now I just want to invest for my future. Cryptocurrencies are a very large portion of my investments and I'll be real. Every time I look at these lower highs I come to one conclusion; history repeats itself. We sit back and tell this lie to ourselves (God, I hear it constantly) "Nobody can predict the price." You're right. Nobody predicted Bitcoin would top out around $20,000. What we can predict is a general trend. When Bitcoin was blowing past $9k, many many people were calling it a bubble and that it would pop soon. It did. Now, this is the first big market bubble I have been a participant of. I'm 22 years old. After seeing this bubble, comparing it to the bubble of 2013 and the Dot Com bubble.... I see Bitcoin going lower. I don't know how low it will go, I just see the trend and I think there is a damn good chance we are going below $5800.What the new bottom will be, I don't know.
I have the 50 MA and the 200 MA and the link/image is of the same indicators, but with the bubble from 2013. Take with it what you will, but I'm trying to be realistic here for the long term. Everyone and their dog wanted to buy Bitcoin during the bubble. The search index for Bitcoin was the exact same shape as the bubble. Now the search index is at 13 and declining still. I see all of you popular traders and your analyses, I read what you put up almost everyday. You're all wrong. Y'all are calling for Bitcoin to somehow initiate another bullrun after this monstrosity of a bubble just happened. Bitcoin may have a little relief rally, but it needs the relief rally to pull that 50 MA up and over the 200 MA, just so the 200 MA can cross back underneath it, just like in 2013. You think things are going to be different? It's your money, not mine.