Darn I don't think it's a good sign but I understand his joy from the bad situation 😜
bitcoin·@fatetrader·
0.000 HBDDarn I don't think it's a good sign but I understand his joy from the bad situation 😜
# Bitcoin BTC Tea Leaves Reading 16.05.2018 09:55 UTC  Any-who, we've a short stop at the 0.5 Fib retracement station before our journey continues… [](https://steemitimages.com/DQmQq9Yw7RMmKGok586LXnjendueTWvV1GAef1Zyv8jK7Ce/u9lgAAf3.png) ## A lot of "Seemit crypto gurus" try as hard as they can to promote the positive outlook on the bitcoin and for that matter cryptos at large. Which BTW I share with them BUT only in the LONG TERM view, 1 year and above. Problem is that because they want to be popular as they make money out of it, and let me tell you, being bearish isn't popular, they try hard on every little bounce to make us believe that all is good now and you can jump on board, while it's not! …at least not yet… and yes they'll give us 2 scenarios in general but always slightly promote one over the other, so there you have it, they will tell you we're clean we told you that it can go the other way. So be careful with this, learn at least the basics of market mentality. Bitcoin is literally just finishing it's January's massive crash/correction swings and many of the new people who got skinned at that time aren't really interested in putting more money in, it will take some time for them to cool down and for the new blood to come in and push the price back up and possibly higher. ## Don't count on whales, they aren't interested in donating their wealth to the price grow, they're here to make money out of us! Of course occasionally they'll pump the price up as it's in their interest to see bitcoin in positive growing light, this is their way of messing with us, the small investors/traders minds, just like with the most recent pump from the 12th of Apr, which BTW was one of the biggest 45 min pumps on bitcoin ever, although very strong it has shown us that the crowd isn't ready yet. ## Alessio Rastani mentioned few interesting things in his last video on the Fib retracement, which I agree with. * [If price closes below the 61.8 fib level, the odds of a move down to the previous lows increase by 85 to 90%](https://youtu.be/TwpDf6JVjMg?t=320) * [61.8 is usually a strong level of support too and that could hold bitcoin.](https://youtu.be/TwpDf6JVjMg?t=574) * [Failed rallies is not a good sign for the market. Failed rallies increase the odds of a break of the Feb/Apr 2018 lows (break of market structure)](https://youtu.be/TwpDf6JVjMg?t=641) # My view I personally think we'll test the lows, and probably make new ones this time, I might be wrong so don't take my word on it, it's only what I think. I don't short on the bear market, simply because it can be done only on the margin account and I've seen online so much about exchanges like bitfinex and other ones cheating people out of their money by liquidating their positions with flash crashes like this example below. [](https://steemitimages.com/DQmaE9Uf66FDH1JpmUA2RmPYxUf2p3yQSiRwz3KjRjsjT2C/fSzbbvja.png)
👍 agnieszq, fatetrader,