broke its support at 10,000 and 9,000 and for a little while it hit the 7,000 levels. Once the support is broken it means the supply overwhelms the demand and the price drops. At this time the mood is capitulation. The investors are giving up and we can expect more of the same in the following days. Remember Bitcoin
is not an investable asset, it is currency, the natural greed in the market and the hope to become bitcoin
millionaires turned it into a speculative asset. Bitcoin
and Blockchain are revolutionary technologies, that will change the way we do commercial transactions, pretty much the way Phoenicians changed the swap with coins. We're in early stages and the saying "The early birds get the worm but the second mouse gets the cheese" applies. Let it settle, find a realistic support, consolidate and behave the way it was meant to be, digital currency. In the long run the crypto currency market will create a forex like market, but the greed distorted its behavior with wild volatility
swings where some made fortunes and others were roasted. Remember the rules of investment, Invest on assets you know, don't risk your fortune on markets you don't know well, unless you are willing to put dumb money you won't miss if your return is negative.
So far, the indicators say BEARISH
, no sign of reversal yet.