What goes up, must come down, I suppose.
And with FUD at a recent high (thanks to China and JP Morgan) - many investors are betting the price is in downtrend, by selling.
A classic bear move, hoping to rebuy at lower prices and earning capitalization on their original investment. It is imperitive as an investor to "consistenly take profits" - as they may not be there tomorrow.
What about the rest of the market? There's a lot of red. ARK has seen a strong few days and is now testing pullback, NEO has been going sideways after a dead cat bounce last week. Ethereum, DASH, BCH seem to be following BTC's lead. Even OMG ricocheted off $13 back down to near single digits. And again Litecoin seems to have stabilized nicely in its new highs.
Also, friendly reminder. Keep an eye on the price of STEEM. Last bear trend we got some great discounts. And prices have shifted a bit since then. LTC could make for a good trade here.
What goes down, must come up?
We do know that the market for cryptocurrency has ballooned, and some fear of a "paradigm shift" crash with prices plummeting well over 50%. And while I do believe that some of this is possible, this general market growth implies buyer growth, day by day. And we saw sharp spikes in price from $1900, possibly a new bottom.
In recent technical analysis, I found $3,900 - $4,000 to be the area of resistance, and in the graphs, showed this being the third attempt for bears to break lower. So far, that was the case, and we are now testing new areas of resistance as well as closely monitoring volume levels in this territory.
https://www.tradingview.com/x/YFiZLs0X/
Good Crypto Bad Crypto
We see governments, celebrities, tech businesses, conglomerates - all frenzy and foam over Bitcoin and the likes of Ethereum. We've seen explosive job growth in blockchain development. Billions of dollars pouring into a seemingly future-ish and matrix-style epiphany glaze over the general public's eyes.
We've seen hacks. PR attacks. Geopolitical tensions at an recent high. Fear, uncertainty, doubt. Like will a large corporation like Google, or Apple - Amazon, PayPal even, remove a general need for digital currencies? Is Bitcoin actually digital gold? Is the blockchain idealistic communism???
We don't know. And we should/will.
I'm hoping to find out sooner or later. I see the value, and yes the need. I think it opens up a new world of possibility for a capitalistic ideology, and can appeal to the entire political spectrum.
Let me know what you think in the comments! Is crypto here to stay? Is this the calm before the storm? Or did we already witness the pride before the fall at $5K? Did I go off on a completely irrelevant tangent? Yes. This FUD is frustrating, unnecessary, and dumb. But what do I know?
