Thread by @edwardmorra_btc

1/ Just judging by the structure of all down legs in 2018, they followed a pretty simple sequence: distribution - re-distribution (at least 1, if not 2-3) - accumulation (local bottom).
Current structure telling nothing but a continuation (break down) is very likely

2/ These are so called SSR (stepping stone redistribution/reaccumulation).
Unless a miracle happens, BTC is headed to at best test yearly lows, at worst - break them which will start the final stages of bear market (can last weeks to months)
You should be already prepared for it

3/ Nobody here is a financial advisor and you should be the only responsible person for your financial being.
Pretty hard for me to do any bold predictions, hope for the best, prepare for the worst.
If anything - our first HL of this year is our last hope (if it holds for real)

4/ Also, pretty arguably, but still makes a point: altcoins. They capitulating already, especially ETH. Are they leading and the worst is yet to come for the king? Or they are taking the major hit themselves?
Pretty subjective topic, though everything is possible

5/ What we know is that BTC holding its value pretty well (so far) compared to other cryptos.
This time (12Sep) last year ETH was worth around $300, LTC - $66, BTC - $4k
BTC is holding its value $2,2k+
People are more reluctant to sell BTC compared to other cryptos

6/ I saw a twitter thread by someone here (pardon cant remember who it was), basically making a point that alts capitulating making an interesting case for BTC to not to dump that hard. Pretty subjective imo, but makes a bit of a sense