Relief rally failedBitcoin / DollarBITFINEX:BTCUSDMonetaryRebel(Not financial advice) Let me know what you think in the comments. And good luck. We got the relief rally, as expected. If 58,000 fails, expect price to decline to 38,000. 38,000 should be a major support area, where a big bounce could occur. This could also be a bottoming area if the Bitcoin narrative is still thriving and liquidity has not disappeared. MSTR could face bankruptcy fears, but a bottoming here would mean the Federal Reserve steps in and starts QE again or the strategic bitcoin reserve narrative plays out. IF...liquidity disappears, the Fed does not start QE again... expect 6,500 Kevin Warsh, the new Fed Chair, has stated that QE was a mistake. He left the Fed because they did QE2 after the 2008 panic was largely resolved, but they all wanted to keep printing because "they didn't see any negative impacts". Warsh did not agree and left, and BITCOIN WAS BORN. Bulls - You need to think about the fact that Bitcoin and Cryptocurrency has never existed in a world where QE was not being used as a tool of the federal reserve. No QE is the largest risk to Bitcoin. I believe Warsh will be very resistant to QE, but may ultimately be forced into it by others once s-h-i-t starts hitting the fan and people are freaking out. Bears - You need to think about the fact that blockchain is a new financial system that can enable a massive reduction in costs and fees for banking institutions. A decentralized ledger of accounts with no need for a middle-man is revolutionary, and it may be unwise to not load up when the CNBC headlines read "Crypto is Dead". My personal opinion, is that blockchain is the future, will reduce costs, and eventually be integrated into the traditional banking system. However, Bitcoin is not essential to that future. There is nothing special about Bitcoin, other than it was the 1st PoW cryptocurrency to be adopted by mainstream. PoW cryptos differ from PoS because they require an input of energy to produce coins, similar to commodities. PoS cryptos - such as Ethereum - are more like equities, that do not require energy input to create necessarily. The value of a cryptocurrency is dependent on the value of its underlying blockchain. Especially when it comes to PoS. Similar to how a stock is correlated to the earnings of the underlying business. Blockchains that are adopted by traditional finance, or build railways to off-board people from that world, will be the winners. One should expect that this will play out like the dot-com bubble, where the majority fail, and the few that survive become massively valuable.