Catching a falling knife.

Last night I made a post called Crypto Limbo in which I noted that Bitcoin had fallen below the $8000 mark.

I felt that was significant since $8000 has been a resistance point that most people were extremely happy we had broken.

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If you've been around the world of crypto for any amount of time though then you've certainly been expecting a correction due to the sudden and seemingly continually upward momentum that Bitcoin has been making.

I've been a proponent of the idea that we are going to fall down below $6800. That would mean a correction of nearly 30%. That would give some Bitcoin opportunists the ability to get in at a lower level.

Whales and market manipulators definitely have the ability to manipulate the market, otherwise they wouldn't be called market manipulators. These types of people often go out of their way to lower the price of a coin so that they can get in while the getting in is good.

I guess it's a little bit funny that waking up this morning I saw the price at $7500 dollars.

So it looks like at the very least I was slightly right. We left last night at about $8000 and this morning we were at $7500.

Currently we are nearly back up to $7800. It looks like a lot of people aren't really excited at the idea of Bitcoin falling down below $7000.

That doesn't mean that we aren't going to do it, but it might be harder than originally imagined because of the resistance to the very idea of it.

I still think we're going to fall down a bit.

I had previously imagined myself putting some money in around $6000, not that I have much money, but anything certainly helps when a bull market is in the foreseeable future.

I think now though I'm going to change that idea to $7000. If we fall below $7000 I will probably put most of the remaining money that I have into Bitcoin under the hope that we will hit a high amount like say $80,000 within the next year.

That would mean even putting in a couple of $$ could result in a couple of $$$$.

So it looks like we really did fall down a bit. My prediction from yesterday was correct. However, haven't fallen down that far yet.

We've actually started to go back up.

I wouldn't necessarily decide that we're going to be back at $8000 tomorrow, because it's very possible we could wake up and look at $7000.

I can't say for sure, but I think if I woke up and saw $7000 I would immediately jump in at that level. Both sides are pushing. One side is trying to push down so that it can get in at a lower level. One side is trying to push up so we can finally make some profits.

That side will also likely take some profits at some point.

It's a game of give and take.

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It's also possible that we will now head up to $10,000, hit a resistance point there, and then fall back down to $6000.

Anything is really possible in the world of Bitcoin. However, it is very likely that we're going to have some back and forth and not a straight rise up to the moon.

I'm still of the opinion that we're going to fall below $7000, but I guess anything could really happen here.

It should also be noted that Steem is around $0.35 right now. If we do fall below $7000 I can definitely see Steem hitting closer to $0.25. I'm also seeing a lot of arguing and different ideas on this platform.

I'm seeing a lot of people that think that they are right and they aren't really seemingly capable of listening to other people's thoughts and ideas.

You see that wherever you go but I hate to see it on this platform.

That's all I have tonight folks.

Good trading.