Looking at BTCUSD (bitcoin) we are still in a downtrend.

Worst case scenario I drew in purple. Those purple lines show a big ABC correction already playing out since we reached around $20,000 BTCUSD. Currently we are in the (hopefully) last C part of the correction.

Where will we finally find a bottom? Nobody knows. Since it just keeps dropping without too much bad news. Ask yourself what will it do when there is a lot of bad news? So my educated guess is that we will go to the previous low and even do an overshoot and go below that.

If not, well that would be marvelous since we would get some green days. But before the summer months I do not expect too much from the market but some dull down days or sideways action. Maybe I am wrong, but looking at it all, it is wise just to sit on the sidelines or to take profits were we can. And since the altcoins will follow the way down, we can always buy altcoins at lower levels.

Best I can say is put as much cash aside as possible and wait it out. You can never buy something at the lowest price, or sell at the highest price. So we can better be safe, take some profits a bit sooner and step into the markets a little bit later. What bags that I have, I am keeping.


Bitcoin will keep dropping
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