📉 -48% January 2018 Korea FUD. from $19700 to 9500
This part I don't agree with. At the moment the market reached near $20,000 (which was purely driven by the hype around the future markets), the CME Group went live with its futures platform, and at that direct moment, gone was the hype. Don't forget that the market increases in advance of whatever happening most of the times, and that in combination with the market being near the important $20,000 level, and already in heavily overbought state, it was almost a guarantee that the market would correct significantly, and that without fud. The only thing the South Korean fud did, if it had an impact on this market at all, was giving people more incentive to start selling. People for some reason always think something bad happened when the price is going down, and that wile every market experiences phases where profits are being taken, and that without any reason. If the market is overbought, and you are in the green big time, you sell, it's that simple. We have to accept that the majority of the people don't care about Bitcoin at all, and just want their profits.
Im not going to feel comfortable calling the $5900 the definite bottom. It's going to need to hold above $10,000 for a while, then I will be able to consider a $5900 price the bottom easily, not until then. Ideally, we want a flat nice (flat in bitcoin terms, that's a trading zone of $10,000-$12,000 ish for a month or so) then a breakout. As long as we can stay above $8000, we can aim for that, then the new FOMO will begin as the market understands the days of 4 figure per coin are over.
It is still not clear to me about futures being relevant in Bitcoin at all... why pay attention to some numbers which hold none of the underlying? I certainly never look at futures.