Bears keep pummeling the crypto market while capitulation stories flood the communities. The investor class of November/December of 2017 is exiting to a person, no one is left. Even the early 2017 buyers are in danger to fall below their initial investments so they might join the exodus as well.
Who is left? The one who were there before 2017 sprinkled with a very small faction of 2017 buyers who understand the tech, market, trading and life better. Did you really think it is that easy to become a millionaire with a $500 investment by listening to anonymous Twitter “experts” or notorious YouTube scammers like Suppoman or Ian Ballina? Think again.
Ok, now that we have that established, let’s see where does this free fall potentially ends.
Stephen Innes, head of Asia Pacific trading at Oanda believes further regulatory hurdles will push bitcoin below the next psychological level at $5,000, with further declines likely.
“The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility,” he wrote.
“I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto’s balloon as the $5,000 cliff edge is approaching fast,” he said.
The sentiment that we are yet to see the firm bottom is echoed by many other traders:
Last sell-off triggered by break of monthly support. I think we could see one more wick down to 4k or slightly below but I'm not short anymore. Shorts were covered a bit too early, but the risk/reward wasn't worth it anymore. I'll be using alt bounces as leveraged btc play. pic.twitter.com/utEIQZK3kG
— Broccolex (@Broccolex) November 20, 2018
still too many longs open. last leg to 3k, where weekly MA200 is waiting
— CryptoWolf (@IamCryptoWolf) November 20, 2018
5.8k✔
5.2k✔
4.8k ✔
4.6k ✔
4.2k✔
3.9k pending
3.6k pic.twitter.com/lId8I5fnAw— CryptoBirb (@crypto_birb) November 20, 2018
If you are at a big loss and haven’t sold yet – now is not the time to do it as you would be exposing yourself to another risk: markets reverse and you wind up calculating in your head how much did you lose for selling at all time low. If you live by the hodl, die by the hodl and wait for the bounce or the ultimate floor.
