Market Musings 5/12/18

Welp!

We are on our way down after a trying run up to 10k. My take is that a lot of people are seeing 10k as a strong point of resistance, deciding to put various sell orders at fib levels all the way up to 10k, further exacerbating the problem. With the initial pullback after failing to crack 10k, it was opportune time for some manipulators to load ze Korean FUD (a headline about a top exchange being raided, which turned out to be BS). I feel like we are going to see some weird Bart Simpson looking shorts on our way back up over the next few days. Be careful trading on margins now.

My strategy: Just HODL for now to weather the storm. I'm braving a guess that consensus will act as a springboard to push us back in a long-term positive trend. If we don't see some major positive action by mid-June, my fears of a 2014-esque cycle, and it may be time to find a nice stable coin (DAI?) to park some money in. We'll need to see the 50 and 200 day moving average start to converge and start trending upward for us to break out of the pattern. If this doesn't happen until mid-summer, then the 2017-18 chart is looking eerily similar to the way the 2014-2016 bear market played out.