For the first time in 7 months Binance BNB has fallen through the support line. This caused me to panic and use stable coins for the first time. If I'm being honest, it felt dirty. Stable coins are the worst. Except for the Dai, which is awesome. Unfortunately, Binance doesn't list the Dai.

Anyway I'm hoping for a false breakout here, but blockchain price action is in an extremely precarious position right now.

When comparing the 2017 pump and dump to the 2013 pump and dump it appears as though we could go much lower. This is likely a big reason why professional analysts think that Bitcoin could easily bottom at $4k or $5k. However, at the same time many people believe that this pump and dump is progressing faster than the last one. We are already on our third bounce, while the 2013 dump took twice as long to reach the bottom of the third bounce.

I'm hoping for a 4th bounce with Bitcoin up to $8000 and then down to around $7000, eventually evening out around $7500 until the next bull run happens. Best case scenario is that Bitcoin completes the parabola and we start a bull run very soon. Not holding by breath on that front but I'll keep a lookout.

Many coins have broken out of the bearish pressure only to create a wedge that will converge in the near future.

Ethereum

Tron

Bitcoin

Conclusion

I think the market is going to do some weird stuff in the near future. You can either try to ride the waves and not wipe out, or be a boss and hold. Be careful!

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