Am I seeing it wrong?
No - the weekly chart hasn't yet absorbed the shock other then 1 red candle.
Still that retrace was pretty brutal. Nobody's going to have a huge appetite for bitcoin in the next few months - at least not on a purely speculative basis IMO. Maybe if there's some mother of all equity crashes or derivative metldowns and they're forced to buy - thats the only way I see this going anywhere.
(According to Cliff High's webbot, there is such an even on the calander if you're into 'Twighlight Zone Tealeaf Technicals'
)
I really suck at predicting things, and I knew while it was happening that there was at least a possibility that Bitcoin might test it's ATH again. But I will say that I, personally, have no appetite for $1200 bitcoins any time soon. Two years of continual pounding in the markets, regardless of any good news or positive structural changes, has given me a very bearish attitude.
I think in the long run, crypto is going to do well. But my horizon keeps moving further and further. I tell my wife all the time that I don't expect Dash to achieve it's full potential for at least 5 - 10 years. Maybe I'm overly negative, but two years of constant negativity (price-wise) definitely has an effect, at least on me.
It could be that everybody else feels that same pessimism. Every time I saw the price go up, I said "Wow, that's really interesting" but I always kept wondering when it was going to go back down to it's $225 resting place. It appears to be headed that way now. But like I said, I'm a short-term pessimist and a long-term optimist.
