Do you have any Bitcoins

As the Wall Street analysts and CBOE fight, which caused the price decline from 20K to 6000, early signs of stabilization can be seen. Tom Lee, the Fundstrat analyst points his finger at Bitcoin futures for the major cause of the "everlasting dip", while CBOE claims that their futures contracts' volume was equivalent of ~1400 Bitcoins, which would be unable to affect the market and point their finger to the uncertainty surrounding cryptocurrencies regulation, tax and media interest.

Of course, they both deal in cryptocurrencies and decide to leave out the fact, that cryptocurrencies were in a short-term speculative bubble and popped.

_{img credz: pixabay.com}

Luckily for us, cryptos are volatile and move in much faster cycles than other asset classes. According to some research, Bitcoin, for example has gone thorugh the cyclec of a bubble 15 times faster then Nasdaq, back in the day.

My personal opinion is shared with multiple parties - this bloody trail downhill, taking no prisoners along the way, is not based on bad news, regulatory confusion or tax collectors' big arm.

_{img credz: pixabay.com}

Rather it's just a case of returning to normal valuations after such a massive run up, fueled by media and rumors of easy riches. But normal valuations, whether here or lower even more, lay a foundation for the price to naturally grow over time, based on actual innovation and values. Lower prices may also make the cryptocurrencies easier to adopt and might bring with them smaller swings of volatility.

Get-rich-easy types move on, scammers crawl back into their holes and shitcoins without any real utility will disappear into oblivion.

A look at the Bitcoin chart perhaps?

Stabilization between key trendlines means nothing by itself. It can simply be preparing for a retest and continuation of it's roll downhill or looking for buyers to break the support turned resistance determinedly. Open guess. Just pointing out where we are. IF we get back into the triangle, then the top trendline is the next logical target.

_{Via tradingview.com}

Litecoin is stuggling much in the same way:

*But what i like, is the STEEM chart:

You know, wedges often tend to retrace 100%. The moves out of the wedge are not often explosive, sometimes they even wither and die, but unless a proper price collapse occurs here, chances are we'll visit the wedge top between around 4-5 sometimes in the medium-term future.

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Do you have any Bitcoins?

Materials:

businessinsider.com
newsbtc.com

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_{Title image from pixabay}

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