I know a lot of people are going to label the current condition of the market as a crash…it isn’t a crash!

Let me be perfectly clear no crash is happening; it is instead the inevitable market correction after a 20K run from 50K to 70K plus and now we are retracing some of that run about half of it give or take a couple of hundred. This correction is normal and nothing to be concerned about. So, don’t listen to the doomsayers the market will recover.

We are currently in a support zone with 6 different levels of support so it will take a lot of bearish effort to crack these levels and continue downward. We will most likely get some sideways movement in this zone before we get more Bearish movement. That said, we can before week’s end test the 65K Trigger Point before reversing and continuing our Bull Run.

Also, because the bottom of the Fibonacci is below the 55K Trigger Point we can retrace the entire Fibonacci indicator before we find a strong enough level of support to bounce off. It wouldn’t be the first time I have seen it happen…but it isn’t likely to happen now, its just something I noticed and thought I should mention just in case. Always look at as many angles as possible when planning what to do next in the market.

Try to plan for everything... which is impossible, but if you do plan for as many scenarios as you can think of and get help if possible, coming up with different scenarios, you will be mostly ready for whatever the market throws at you. And even if you aren’t you’ll still feel a lot more confident knowing you’ve prepared for as much as you could…no shame in that. The real beauty is that one of those scenarios you planned for could be a windfall of cash into your lap. 

On Trading View the Technicals Indicator is telling people to sell and some will listen to that indicator and look at the market and see a crash, not a correction. 

And even if you do see a crash remember what Warren Buffett said "Buy Ice and Sell Fire"..meaning buy when the market is bearish or cold and sell when it becomes bullish and hot. For my life, I will never understand why people don't get the simple strategy. I mean it's BUY THE DIP SELL THE RAISE! It's too, simple to forget or not implement...I don't get selling Bitcoin except for small amounts to cash out but never completely out...NEVER! Just pass it on to the kids and grandkids, but never sell. The last Bitcoin won't be mined for over 100 years so pass it on. 

DISCLAIMER: The Crypto Underground Posts reflect solely my opinions for informational purposes. Do not consider this information as guidance or advice for cryptocurrency transactions. I'm not a financial advisor, and my statements here should not be construed as such. I share my opinions based on 25 years of trading and investing across various assets: Stocks, Real Estate, Crypto, and Forex.