Good afternoon Crypto Pubbers. In order to liven this place up, I am going to award 5 STEEM to the person who upvotes, reSTEEMs this post, and guesses closest to the bottom of this bear run in comments! Here is a hint how I am seeing things.

The correction continues as trade volume is exploding and the Bitcoin barometer is down another 8% on the day at just under $6,500. Almost every other coin is between that and 12% down except Ripple which is only 6% and Bitcoin Gold which is only down 4.5%. The 0x/TRX/XLM/ELF/FUN clown race is a tight cluster between -8% and -11% and being modestly lead by FUN.

T&A today brought to you by our resident celebrity artist @overkillcoin who has found some time for more crypto-voxels! https://steemit.com/art/@overkillcoin/voxel-art-bear-outlaw

Now we play the guessing game on where the bottom will be and I like to use the daily Bitcoin chart. We can see a strong break downward out of the upward channel/bearish flag amidst increased trade volume. With the MACD having crossed down (generally a good drop) and the STOCH still with plenty of room to correct to 0, I feel we are not close to done yet. It seems the farther you zoom out, the lower it will go though we are correcting up on the 12-hour chart temporarily right now.

Here are my thoughts/opinion:

Not Likely - If the 12-hour chart is the best indicator, we have already hit bottom at $6,302. This would be not so good for swing traders like me who cashed out close to the $7,400 level and are waiting for deeper discounts. It will be very good for the mid term as it is a much higher low indicating a short term reversal in the trend.
Optimistic - If the daily chart and Bollinger bands are correct, we should correct down to the lower Bollinger band......if we do, that is encouraging as it will be a higher low than August 14th.
More likely- Price stays within the Bollinger bands 95% of the time but there is the other 5% of the time, and the long-term support line just below that point. If it corrects there, that is also good as it is a bit better Bitcoin discount, and a double bottom/ which should make for a nice recovery and higher high.
Also likely - The 3 month support line is an extension from the lows on June 30th, July 12, and August 14th. If we break the long term support line and correct at the $5,600 level, it will be an even deeper discount but a lower low which is a continuation of the bearish trend.
Pessimistic/realist? - If you look at the weekly chart (as I know @ryan313 is doing) you will see the lower Bollinger line around $5,200. Bitcoin's price, up until the $7,427 level, had risen right to the median Bollinger line on the weekly chart. If we correct at the $5,200 level, that is the standard Bearish pattern bouncing between the lower and median Bollinger line. In my opinion it is the worse case but anything can happen in crypto. This is why you see sell volume at these low levels, the bulls turning short term bear so they can pick up BTC at the lowest possible level and don their pom-poms to cheer for a bull run starting at the best entry point.
Defeatist - This is crap. Crypto is dead, I am selling and never returning to the #CryptoPub. Enjoy your $1 Bitcoin feebs! The closer we get to $5,200, the more you will feel/hear this.......so be warned and don't worry about it.

Source: @overkillcoin

News of the day: https://mashable.com/article/crypto-market-crash-august-2018/#p0j1eGYYFPq7

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