Today's breather looks to be just that. As of this post, it looks like we may not even hold the mid-channel ceiling/support established around $8,250, +\- $150. Even so, we still have a LONG way to go before we break out of the general downward trend, and I don't expect that to happen before we reach the magic $4,800 floor. For some reason, when we started creating $1,000 increment floors, $4,800 became the main resistance, with $5,000 no so much as tripping over the price trend. Unless we stabilize around $8,000 +\- $500 in the next few days, I think we will be riding the elevator all the way down to the basement. Stabilization around $8,000 negates this downward trend.
And some will call "FUD!" and some will call "HODL!". Which is fine. But it's I don't believe negative price trends alone to be FUD, it just requires a steadier HODL, if that's your investment strategy. And if you're a trader, you learn to replace "Buy-Sell" with "Sell for cash, buy back for asset". Just like we "never" know how high something will go, calling the bottom is rough business as well. Calling trend reversals is easier, and the longer the timeframe, the easier, and more reliable, the call.
If you need cash today, it might be a good idea to get it today. If you don't need it, maybe you're okay to sit tight. And if I'm wrong, well, probably want to sit tight and let the numbers speak for themselves once we break higher.
And some will call "FUD!" and some will call "HODL!". Which is fine. But it's I don't believe negative price trends alone to be FUD, it just requires a steadier HODL, if that's your investment strategy. And if you're a trader, you learn to replace "Buy-Sell" with "Sell for cash, buy back for asset". Just like we "never" know how high something will go, calling the bottom is rough business as well. Calling trend reversals is easier, and the longer the timeframe, the easier, and more reliable, the call.
If you need cash today, it might be a good idea to get it today. If you don't need it, maybe you're okay to sit tight. And if I'm wrong, well, probably want to sit tight and let the numbers speak for themselves once we break higher.