What i thought might just be a light dump, turned into a huge breakdown with record volume confirming a Bear market.
No bulls should be touching this, rather should be sitting on the side lines right now to cool off a bit.
The huge spike in volume confirms the downtrend, rather than a blowoff top or bottom.
If we interpret the huge volume as a bear trend confirmation, then we should expect another leg down, which means breaking the 3800 previous bottom.
1-2 year Bearish scenario:
We break through 3800 and test 3100, before bouncing up to ~10-11k, before dying again and testing 3100 several times before breaking down further into 2K.
Bullish scneario:
continue to make higher lows, before breaking through resistance at 5500 to multi test 6500 before breaking through. I think this is less likely.
With no ICO madness to mobile the unwashed masses, we are at the mercy of market manipulators fleecing weak hands on their rollercoaster. On the positive side, development is speeding up. The experience is more n more polished everyday. We will see mature breakthrough apps and tools soon.
No bulls should be touching this, rather should be sitting on the side lines right now to cool off a bit.
The huge spike in volume confirms the downtrend, rather than a blowoff top or bottom.
If we interpret the huge volume as a bear trend confirmation, then we should expect another leg down, which means breaking the 3800 previous bottom.
1-2 year Bearish scenario:
We break through 3800 and test 3100, before bouncing up to ~10-11k, before dying again and testing 3100 several times before breaking down further into 2K.
Bullish scneario:
continue to make higher lows, before breaking through resistance at 5500 to multi test 6500 before breaking through. I think this is less likely.
With no ICO madness to mobile the unwashed masses, we are at the mercy of market manipulators fleecing weak hands on their rollercoaster. On the positive side, development is speeding up. The experience is more n more polished everyday. We will see mature breakthrough apps and tools soon.
