For those of you who do not remember the history of Amazon, Amazon started out before the Dot Com bubble burst and was the darling of all the Dot Com stocks. As you can see, when that bubble burst, Amazon went from $118 to $5 (99.2% drop). Today Amazon is at $1,600 a share, but I personally believe this is irrelevant to Bitcoin as it took 20 years for Amazon to get there.
Currently, you'll see how Bitcoin's pattern is diverging from Amazon's at this stage. From the purple vertical line, Amazon went ahead and made a perfect double top @ $118 before falling to $5. Bitcoin appears to be continuing to go down. If Bitcoin happened to drop the same amount as Amazon (99.2%), the price of Bitcoin would reach a low of $160.
I'm not providing this comparison to say Bitcoin will go one way or another, but I merely wanted to show you that low can always become lower so please invest responsibly and only what you can afford to lose.
Currently, you'll see how Bitcoin's pattern is diverging from Amazon's at this stage. From the purple vertical line, Amazon went ahead and made a perfect double top @ $118 before falling to $5. Bitcoin appears to be continuing to go down. If Bitcoin happened to drop the same amount as Amazon (99.2%), the price of Bitcoin would reach a low of $160.
I'm not providing this comparison to say Bitcoin will go one way or another, but I merely wanted to show you that low can always become lower so please invest responsibly and only what you can afford to lose.
Comment:
Something I just realized: Amazon fell from $118 to $40 (66%) before going back up to make a double top. 66% of $20,000 is $6,800. IF we follow Amazon's pattern, we might head up from here to form a double top.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.