BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We all base our future expectations on past price action. But you forget one important thing. Bitcoin attracted some really smart people, professional high speed traders. These guy are mostly BEARS. It will be a way more balanced price from now on. And once the parabolic magic thing is gone, so are the average investors. Look at the google trends: "bitcoin price". Going lower as the bubble deflates. If these bears can take a break, smart money will start to pump it again, people will start talking again, price will go in a different market cycle. The greed will kick in again and go parabolic, then pop again as the bears start doing what they like.. . Please, stop watching those videos about prices going up to one million. This is the only way to bring new people inside. A get rich fast scheme. Good things never happen guys. The market is made to take money from you.
At this point, you should in MY opinion be all cash, because its clear that only the traders are left in the market. The bears will soon start to eat each other then move to another market.
As the volatility touches a stand still point, the big red capitulation candle, a really big one should mark the sought after bottom.
Trade active: Short term target: 7300ish
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