After the coordinated selloff a few days ago, Bitcoin is holding at the $8300 support, and the next stop below is in the $6000 price range. The most recent resistance-turned-support is at the $8300 mark, and if you're waiting for the Price to drop to $6000 to buy in, that means you didn't buy in at $4000 - which in turn means that hoping for $6000 Bitcoin is a pretty desperate strategy.
That being said, if $8300 holds and becomes a strong support level, the price will take off quite fast and someone waiting for confirmation will be panic buying at a higher price if they are desperate to buy in. If the support doesn't hold and the price drops to $6000, then you have to battle your own recency bias and fight the same internal battle all over again - as to whether it's the time to buy, or wait for the price to go even lower, because no support line is bullet proof.
I am still of the opinion that Bitcoin is in a bear trap, but that is just my opinion. I've seen Bitcoin in this same spot a few years ago, and I saw some friends sell and regret it deeply because the price then shot up afterwards and there was no hope for them to buy back in.
As I said in a recent post, the unprecedented level of deliberate inflation that is ongoing for the US Dollar signals that insiders are dumping everything during this window of opportunity. There is no current price discovery with anything that Wall Street or the Federal Reserve touches, which includes Bitcoin sadly. What we saw in the past few days for Bitcoin was not organic, otherwise I would not have been able to call it a few hours before hand.
We're in the twilight zone for sure. Buckle up. Don't forget to scoop up some altcoin discounts, there's some serious fire sales happening, even with Steem, despite the price of Steem doing better than Ethereum, XLM, and many other well known cryptos, and hardly doing worse than Bitcoin. That's progress I would say.
Thanks for reading. stay safe and keep your head up.
