I believe when we broke from 6k-3k it was the signal that we will complete a full emotional market cycle — which means depression, and basically boredom.

I don’t believe in “forecasts, forecasters” or anything in that realm and anyone that does wish to speculate on price or the exact timing of the following movements will be statistically incorrect.

It is my opinion that we are through the anger and capitulation stage. Engagement in cryptocurrency related groups, forums, etc is down as much as the average altcoin is from it’s ATH. Most of the traders I know have switched for Forex or completely given up.

That means we are near the bottom, in psychology and the overall emotional cycle. It does not, however, insinuate that we are at the bottom in price however the odds are in the favor of that bet being correct.

It is likely that 2019 will see the collapse of a large number of ICO’s who can no longer afford to fund their project, it will see trading volumes dry up, and media coverage slow down even further.

I want to reiterate how important it is that the timeframe for the above is not set in stone. It might be only for the first 2 months of 2019 or it might be all the way until 2021.

This Week

Bitcoin has been contained in a $300 range which is a large contrast to the volatility was have seen in the previous weeks.

We are avoiding trading in this range and building our investment portfolio at these levels.

A break above the $4,400 zone is likely to result in a stronger move to the upside, as there is very little resistance between that level and the previous support at $5,730 into the $6,000 zone.

Safe trading team,

Boss