I felt like I missed a great opportunity at selling high and buying low when it reached 5k and drop to 4k a couple of days ago. Now it happened again from 4k to 3k. You think it will happen a third time, from 3k to 2k?
Nowbody can really know this
but I sure hope it does and even below 2k. This way all the weak handshake will be shaken out of the system.
We are seing this "China ban" again and again and always with the same result. Slowly, but shurely, the market will be mature enought not to overreact on news like this.
That is not a good prayer and should it come to pass, a number of people especially noob would be devastated and may leave the crypto-world to never come back. At any rate, I don't see the market dropping below the $3000 price level anytime soon until the November hard fork imbroglio sets in and possibly upset the market, though that too would be short-lived. Until then, do relax and make some money by buying low and selling high from the daily swing.
Only way it drops that far in the first place is if we go into a long bear market. I doubt we can drop 50% in a day at this point. I hope BTC does go down a bit though so I don't miss out.
I don't think we need a long bear market to have another drop. A lot of corrections tend to have at least a couple of waves down. The first major one bounced around $3k. If we do get another wave lower, it could be just as quick and decisive. The bounce around the $3500 area yesterday indicated some good support there. But if that breaks, we could fall to $3k in a matter of hours, and if that doesn't hold, we'll get another quick drop down by several hundred more.
As long as we stay above $3500, we are good to go. But if we lower, the resistances start getting below $3k.
Let's hope that the Amazon fake news pump can be sustained for a couple more hours, if we close with a green candle for monday, we will be safe above the 200 day moving average, and that is what im watching all day today because its crucial. If we manage to cross the MA on 1 day chart im positive that we will test $4k and it's looking good.