Have you ever read the story about the fox, the wolf and the moon? It was written by La Fontaine. To sum things up, the wolf wanted to reach the moon but an optical illusion made him chase it down a well...where he drawned.
This tale is both simple to understand and actual since people are still trying to chase a "moon" that could definitely hurt them.
Aside from that, the analysis shows a bear market. No news in that. The 8k support level I identified on Jan 17th (see related ideas) still holds, with a second support at around 5500$ in case the first one is broken with supporting volumes.
Notice the "death cross" on the 12,26 MACD...this fall is not supposed to stop soon.
The entire Bitcoin cycle is definitely into the "fear/capitulation" phase. No wonder things escalated pretty quickly.
Best trade here is no trade and keep liquidity.
As usual this is not a trading advice, merely my idea.
Stay safe out there!
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Currently reached 1st support level with a price of around 8060 on Bitstamp. 8k is a strong psycological barrier to break but I am pretty sure we can get a 7k figure by the end of the day.