TALife

Bitcoin Bearish Scenario - We Should Not Underestimate This

BITFINEX:BTCUSD   比特币/美元
I don't like this either.

But there is a chance that this could happen. We have been grinding up so far after a good bounce off the $6000 support level . The grind up has become pretty painful to watch. The volume has been decreasing again and there's just no real conviction during the moves up.
My previous trading idea was showing a bullish scenario. There I said that if we break support I won't be bullish anymore. Now, while we are waiting for that to happen I already want to show you what I think *could* happen. I'm not saying it will absolutely happen, it's too early to tell. But it's a scenario we have to consider. Being open minded when trading is the key. We can't get caught up in wishful thinking, we have to consider all possibilities. And according to this wave count it's possible for us to break the $6000 support and go even further down, as far as $4000 for my worst scenario.
I say it's heading to 1200... Even then it would be over-valued.

2018 will be the Year of the Alts. BTC needs to be ignored / phased out. It's destroying this industry and is a threat to the entire market. Why do people want to buy a coin which is centralized in China and owned by 2 billionaires? Does that sound sane?
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@VanBenno, Ive been thinking about the same exact same thing. All my altcoins loose value when btc is down. 1400 plus coins should never seem dependent on their survival and tied to one block chain like BTC. I have never liked that. But that is out of our control. BTC shall always be the 1st president like George Washington . Eradicating BTC and helping it fail would be like wiping history out of Crypto. In a broader sense when I ponder about this , their is nothing decentralized about that connection despite many coins or tokens follow or have their own block chain. There are flaws that we can identify. Nothing is perfect. Especially at this point! What I do believe will be perfected is the speed of new and upcoming block chains like EOS! But Bitcoin is still king and the lord of the Jungle!
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