Looks like Scenario #3 is playing out here as Bitcoin struggles to hold $42,500, an important support & resistance level from earlier this year and recently on the way back up to to $50k, triggering a pullback to it's rising 21 day EMA.
From here, I expect BTC and the Altcoins will bleed further lower, with BTC bottoming between $39k and $40k before rebounding...
Bitcoin - Ordering Chaos
Despite the apparent imbalance and chaos in world markets, and the illusion of the lack of a traffic structure, the main task of this process is to confuse, mislead ordinary consumers, the crowd, you and me. In fact, if you look at the price chart and use the simplest and most primitive analysis tools, a slender, simple and logical...