The selling in Bitcoin and Alts continues. Let's take a quick look at the charts and see where we go from here.
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Bitcoin is dropping right now. It's the perfect time to join a mid-sized pump group (20k people) that makes a altcoin rise for about 15 minutes which is enough for other people from the outside to jump in while you sell it for more BTC than you bought it for. You can easily and safely make 10-20% profit which will literally counter any realistic BTC dip in price.... It allows me to hodl my btc until it rises! https://discord.gg/vApwcfH
Obviously anything can happen, but I think it's always good to look at the macro big picture view.
Look at EVERY ALT coin chart from this year. They all went parabolic and all ended up crashing back to close to the launch pad. Anywhere from 80 - 100% retracements.
Then look at BTC, the previous two bubbles had those 80% corrections followed by 6 mos to 18 mos of consolidation.
We never tested $5,000 after hitting $7500, only went back to $5400. At 11,000 we only went down to $8700, not even close to $7500. From there the corrections continued to get shorter and shorter and farther and farther away from previous resistance levels. ALL the signs of the parabolic move that results in the massive retracement.
I will be shocked if we don't at least go back to $7500, if not $5,000 with a wick or two possible to $4,000 or even $3,000. Wicks aside, if we go back to $5,000 I think we will be in for a fair amount of consolidation. There was a lot of newbie blood that went into the market from $10,000 - $20,000. Hell, they were the morons that drove it up that high. So when they lose 50 - 70% of their holdings they aren't coming back for a long time.
It is very critical that all of us in crypto land move heavily back into Bitcoin. When Bitcoin goes we all go and it brings in all of the new money. If the masses continue to gamble in the alts and spread the crypto market too thin, bitcoin will dip and all of crypto land will get crushed. If we stay alt heavy we are in serious danger of washing out all of our 2017 market gains. Quit trying to get filthy rich in Alts. Pigs get fed, hogs get slaughtered.
Be my guest. This has all the markings of going down to $7500 or even $5000. The two key levels we never tested when we started going parabolic.
It's been a few years since we had a major correction and long consolidation period. When BTC or ANY investment goes parabolic there is usually a 70 - 90% correction followed by a long consolidation period before the next big move. Look at BTC's charts from the past and EVERY ALT coin that's gone parabolic in the last year. ALL the same, massive retracement almost ALL the way back. I could see a wick to $3000 or $4000
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