I've been buying and selling the whole way down. My feeling is we will see the 50's but that may very will be the bottom of this thing. If we break though the amount of resistance in the 50's and hit the 40's, abandon all hope...Bitcoin is dead.
It is worrisome how easily we have gone down and with no real volume. If this keeps up I say we go way below 50. We need to have some capitulation volume when we reach the bottom, at least I would think (barring some great news of the like). Considering we are roughly at 70, have fallen pretty hard from 130 and 50 is not that far away, I really really wonder about the lack of volume. What happens when people really start selling? Look out below is my guess.
You're right and I think despite the fear that exists, there is still alot of hope out there. Bitcoin has rallied back to 90 or 100+ with ease at times, so it's understandable people are holding on to this belief, even though it's looking less and less likely.
I don't really agree we have fallen "real hard" from 130. We haven't seen 130 in a long time, so it's certainly been a process. Excluding that, I understand what you're saying. So what happens when people really start selling? I continue to believe in the general sentiment of the Bitcoin community over the last couple months and the view has been pretty much the same, "If we ever hit 50, I'm all in!" Tons of resistance in the 50 range and that doesn't account for the fiat on the sidelines waiting for that moment. This is why I say, if we break though 50, abandon all hope because the resistance in the 50 range will be the closest thing to a Bitcoiner unified front, there is. If it can't hold, what's left? At that point, you're absolutely right. Look out below.
