Welcome to the truth - this type of action is what separates the men and women from the boys and the girls. I always try and HELP people here along the way by not getting emotional and taking what the charts say. Sometimes I am wrong, but alot of times I am right. And I for one have been right for the last 6 months.

DON'T PANIC - ACCUMULATE

The  trending pages on ALL forums have been a Bull Orgy Since January, it was back in February, and it was back in May. Everyone believed bitcoin was invisible and "holding support" and going back to highs. All you saw was elliot waves, and trendlines, and fibs, and whatever else they like to draw that makes their chart look like this...

THE ONLY INDICATOR THAT ULTIMATELY MATTERS IS PRICE. There are always two sides to every story and while indicators often tip the Price hand before Price breaks it is not always correct. I will show you the CHART THAT MATTERS.

This has been the tell from the BLOWOFF capitulation at 19000 I have been monitoring ever since. And it has kept me OUT until recently.

This is a log chart of bitcoin because Bitcoin has ALWAYS traded on a log scale basis. You can see CLEARLY the lower highs that have been built over the last 8 months. It has been BEYOND obvious every single rally was being sold. You can also see that it is CLEARLY under the 100 and 200 day MA's now and that is not a sign of an uptrend. You have the last line of defense here, AGAIN, and this time I beleive it is going to break.

Sentiment is the BEST indicator besides price and you remember the hoopla on CNBC at 19K, well I believe that you are about to see the special edition of "Crypto in Turmoil" coming up. Once 6000 breaks in bitcoin you will see alot of these Alt's go to zero, the ones that matter and have a future sticks around, have true capitulation and possibly a new bull after some time. Depending on how bad the drop and capitulation is will give us a time frame of how long it will take to fix.

The buyers that have been buying since February are about to get washed out. And I am going to be there waiting for them (as are the big banks, but that is another story).