Victory Short Lived

Decreasing volume indicated on the bounce. This gave the RSI some time to cool off for the next leg down however if you take a look at the 1 hour chart you see a ascending triangle that is making a bullish formation at this time. Also we saw strength at the beginning of the last hour that could see a follow through however the longer time frames are indicating a drop down a little further.

DONT BE AFRAID TO TAKE PROFITS.

Psychology: Everyone is in denial or angry... some are still screaming "FUD" and manipulation from the top of a mountain and others are summoning mystics and fortune tellers for their projections on future price... We could already be in a capitulation phase and just waiting for a full blown panic before the next move up.

Prognosis: I believe that we are in for a much deeper much faster crash after this consolidation and the cooling off of this RSI however will be short lived as a wave of panic selling will see an equal wave of bargain hunters coming in. I expect to see some pretty long wicks at that time which may occur around the 5000 USD to BCT mark. Of course this is wild speculation but this is what I will be looking for moving forward.

Be careful out there Gents,
God Speed
Mr. Manbearpig