I agree with this since 2 days ago... this is MASSIVE dumping.
Many investors got in few days/weeks ago, and they are cutting losses.
Those who know that 50% DOWN needs 100% to come up, are getting out, wait, and maybe get in when the numbers stabilize... they went up too HIGH too FAST.
People still think this is a 'correction' and are still refusing to acknowledge a 'crash' is underway.
Can you believe the thread on Reddit still has zero votes?!
The drop through $10,700 will be shock & awe, a spectacular sight to witness in human history.
The tsunami of Elliott Waves breaks the surf, where the speed of decline is at terminal velocity.
This is where man looks in the abyss, and there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss.
Many exchanges will experience outages; that's when the 'fear' stage begins as depicted on the charts.
Few days when reuters gave that "incorrect" news about the Korean government banning exchanges, the huge dip was FAST and all recovered in a few hours with the correction of the news...
This is different! This is steady and progressive sell... that will not trigger panic... it will trigger doubt! And in doubt, some investors will be on alert to get out at some point... others will get out immediately, and others will stay in (even with losses) believing in the recovery.
Well, maybe in the long run the market will get to the same level, but if all goes down cascading, it will take a long time.
This is needed so people understand that this amazing rises in value are a "forecast" of what this new tech could be worth (and even so with a big question mark!). Until it does, the big gains are volatile. Even on a mature market sometimes they are...
BE aware.
HAVE SOME RULES. I did WRONG in the past, VERY wrong. And lost "too much" because i just went against the market saying: this will recover!! Maybe if i stayed invested for 6 or 7 years i could recover, then again, i would do that with just 25% of initial investment (investment - losses!), and that would do a BIG damn difference!!