Double Top neckline Broken.
In this variation of my most recent chart we see that the downward pennants (continuation patterns) are playing out and the price has finally broken the neckline of the Double Top. This validates a downward breakout. This should have triggered stop losses if you hadn't sold already. In addition to the neckline being broken we also see that the crucial 50% fib retracement level has also been broken. This is an additional validation of a continuing downtrend. Any time we see a break above or below a .5 Fib line we expect to see the trend continue in whichever direction it was headed.
At this point I would not buy in until volatility diminishes and bollinger bands narrow at some point in the future. If you attempt to buy in until then you are essentially attempting to catch a falling knife.
It is time now to abandon emotional hodling and make this potentially dire situation work out in our favor. We have the opportunity to double our holdings by waiting for the right moment to re-enter the markets. Otherwise we will be stuck holding bags awaiting recovery. But most people will eventually cut their losses at the exact wrong moment, somewhere near the bottom where people like me (hopefully) will be slowly buying back in and accumulating all of the coins lost to negative market sentiment.
If you don't feel comfortable executing trades in this bear market then I would suggest you avoid looking at charts for a long while. The last time this type of market crash occurred for Bitcoin it took two full years for the markets to recover. Those who didn't sell at this point in 2014 watched their BTC go all the way down from 1200 to around 200 USD and fluctuate around that level until the winter of 2017. It is very possible that this can occur again.
Before you respond with emotion and negativity I would ask that you please evaluate yourself and see if you are being subjected to confirmation bias. Otherwise, all disagreements, criticism, and competing arguments are encouraged and welcomed.
I'm here to make money and to learn. If you have a strong suspicion that I am wrong, I will gladly accept any criticism.
At this point I would not buy in until volatility diminishes and bollinger bands narrow at some point in the future. If you attempt to buy in until then you are essentially attempting to catch a falling knife.
It is time now to abandon emotional hodling and make this potentially dire situation work out in our favor. We have the opportunity to double our holdings by waiting for the right moment to re-enter the markets. Otherwise we will be stuck holding bags awaiting recovery. But most people will eventually cut their losses at the exact wrong moment, somewhere near the bottom where people like me (hopefully) will be slowly buying back in and accumulating all of the coins lost to negative market sentiment.
If you don't feel comfortable executing trades in this bear market then I would suggest you avoid looking at charts for a long while. The last time this type of market crash occurred for Bitcoin it took two full years for the markets to recover. Those who didn't sell at this point in 2014 watched their BTC go all the way down from 1200 to around 200 USD and fluctuate around that level until the winter of 2017. It is very possible that this can occur again.
Before you respond with emotion and negativity I would ask that you please evaluate yourself and see if you are being subjected to confirmation bias. Otherwise, all disagreements, criticism, and competing arguments are encouraged and welcomed.
I'm here to make money and to learn. If you have a strong suspicion that I am wrong, I will gladly accept any criticism.
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