RECTmetal

Down Trend Continues - 6372 to 5307 Target

BITFINEX:BTCUSD   Bitcoin / Dollar
*** Don't take my word for it, I'm just a rookie who studies a hella lot***

First post so a little bio:
I've been following crypto for about 10 months now with only a small investment while I studied and learned more about the markets. I have dedicated several hours every day to learning various crypto projects, future outlooks, and of course, analysis. Successfully capitalized out of the ATH             and threw my profits into mining as a compounding experiment. Already have broken even again despite markets being down. Now I'm starting to get confident in this bear market and looking to start reinvesting and building a portfolio for the next wave.

With that out of the way I'll try to keep things brief:

The downtrend is (by now obviously) going to continue longer.
I started to buy a very small position around the ~8k to hedge against a upwards rebound off the 200SMA, but anticipating the support break through. No big deal, it'll be for alts later either way.
Continuing down the trend I see the next major supports being around 6400 and 5300. Big, round, psychological numbers. Hopefully a good buy range. Keyword: "hope".

If we get into that buy range, which I think we will very quickly, I will *consider* starting to buy in, if at the time I feel confident to do so. We'll see how volume and FUD goes in the mean time.
If we happen to break through the bottom 5300 support shelf.. well.. hope you have an umbrella. "Because when it rains, it pours."

Stay safe, gamble smart, and if you're in an unfortunate loss remember that a long term hodl is better than a short term panic dump.
Have a good day everybody!

- RECT
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