Bitcoin: Panic sell-off started, more quick downside to expect
Bitcoin / Dollar BITFINEX:BTCUSD
Congratulations if you are still using Tradingview and you are not in a market crash denial, and thank you for having supported my previous TA that might have sounded like a "Fud" or a "silly TA" for the crypto maniacs and youngsters in a bursting bubble denial, telling me Bitcoin was bottoming at 7.700$.
As you can see, Btc started its process of panic sell-off, market symptoms of an incoming panic were starting to be visible.
We should expect the market panic to continue and even to increase its speed of selling, this is what the odds favour in this part of the crashing market.
Of course there will be short squeezes, most certainly pretty soon, and bulls will slow down the crashing process from time to time but the downside seems not to be over at all.
Huge warning, Bitcoin completely dived below the 200 Smma (it dived much more and much faster than i even expected).
This is a signal that Bitcoin is definitely settled inside a bear market for good.
Last time Bitcoin went that much below the 200 Smma , was in Septembre 2014, when it started to settle in a bear market for painful years.
This 200 Smma is the lonely true basic indicator so far, that tells us the health state of Bitcoin (below= bear market, above= bull market)
Good luck to you, watch out with falling knives, and watch out with over bullish individuals that might be in a complete crash denial / or having interests trying to desperately slow down the crashing process.
Do not forget this market is just complete speculation yet, there is zero value behind any of these coins except what the other guy is willing to pay for the coin you sell him. The cost of mining is absolutely not an indication of the coin intrinsec value.
Take care a lot.