Coinamic

Epic short opportunity? 1.618 Fibo extension is key!

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Sometimes we need to see things in a new format to feel it from a different perspective. As much I research about Bitcoin being bottomed out in December 2018, much arguments I find that tells me that I have to be careful. So, this is not a FUD or pessimistic post, this is just information to be shared with you guys, so any of you together with your personal research can take the decision they consider is better for his investment strategy. The Fibonacci extensions circles, show us in a easy to understand way how the price reacted to Fibo levels.

Being all this said, let´s have a look again at what the 3 biggest Bitcoin corrections ever:

Firs crash, June to November 2011: -93%
From June to November 2011, Bitcoin dropped from a ATH of $29 and almost 1 month after if crossed the 1.618 Fibo extension, they were playing around with the price to finally bottomed out at $2. The biggest catalyst for this crash in my opinion was the hacking of Mt.Gox (I lost 0.45 BTC that time because of them), being the biggest Bitcoin exchange at the time. This is the official legend "the exchange was compromised by a hacker who gained access to customer accounts and artificially pushed the price of Bitcoin on the exchange to $0.01".

December 2013 – January 2015: - 84.6%
In October of 2013, Bitcoin started a sick rally, and surpassed the previously established all-time high of $260 in November. Bitcoin showed no signs of stopping and broke the $1,000 psychological milestone in the same month, eventually peaking at about $1,150 on December 4. I remember perfectly that time when Gold was at 1200 and Bitcoin went to 1150. I converted $200 into $600, I was more than happy lol.

The trend changed in December 2013, and from April/May 2014 Bitcoin back to life again, but exactly at the 1.618 Fibo extension, the price started again to fall.

On February 10, Mt.Gox announced that it was halting all Bitcoin withdrawals from the platform due to “transaction malleability”, which Mt.Gox alleged was caused by a bug in the Bitcoin software (who in the world believe that amount of BS). While other exchanges resumed operation, Mt.Gox was still down, prompting speculation on whether the exchange was insolvent. Although there was a rally that started in May of 2014 which saw Bitcoin grow from about $440 to around $650, the second half of 2015 was decisively negative and BTC bottomed out at around $177 in January 2015. It took Bitcoin until April of 2017 to surpass its previous $1,150 all-time high.

December 2017 – unknown: -81.8%
2017 brought the new era, a fundamental change to the cryptocurrency ecosystem, and Bitcoin’s iron grip on the cryptocurrency market began to slip. At the start of the year, BTC dominance was at roughly 85%. In March, however, BTC dominance started to decline drastically as Ethereum ETH began taking significant chunks out of Bitcoin’s market share.

Bitcoin reached its current all-time high of just below $20,000 in December 17th of 2017. After that and exactly at the same Fibo position than the past crash in 2013 within 1 and 1.618 extension , Bitcoin started to decline heavily and the cryptocurrency market entered a strong bear market and prices were declining for the majority of the year. This time, there was no real catastrophic event that triggered the downturn, I personally remember 2018 as a year full of good news, top tech people getting involved. Banks, institutions and governments stopped talking shit about cryptos but the market just stopped in last December, leaving a $1600 ETH in $85, a gorgeous LTC from 360 to $22, and our beloved Bitcoin from ATH at $20k to 3.2k.

If you think that the corrections are getting smaller every time, you are in a mistake. I named the 3 biggest corrections in Bitcoin , have a look at the 5 biggest corrections.

  • June to November 2011: -93%
    August 2012: - 56.7%
    April 2013: - 73.3%
    December 2013 – January 2015: - 84.6%
    December 2017 – unknown: -81.8%

As we did in 2014, we are having what it could be the beginning of the new bull era and as a trend trader, if the opportunity is being long, I´ll be there. As you can see in my last post, I have my ideas quite clear and I saw this pump coming, as well as I´m seeing the next correction coming just in a few days, so no long operations during the next weeks. Is Fibo 1.618 a key level to watch? Definitely.



Once again thanks for watching and join us at our Telegram channel, I´m are sending daily signals and updates on Bitcoin an Cryptos. Don´t forget to like and follow if you appreciate this :)


Comment: New Bitcoin analysis:
Impressive, really appreciated:)
Reply
jeeeeez that 5800 was awesome man, the only trader on TV making a real prediction without going both ways, congrats.
+1 Reply
Coinamic gonzacaba
@gonzacaba, many thanks bro, I try my best :)
Reply
very nice ! :-)
Reply
Coinamic cryptostart_me
@cryptostart_me, thanks!
Reply
Coinamic Cryptalion
@Cryptalion, thanks for sharing.
Reply
$6,200 Next or retrace, which one is it?

Reply
Coinamic alanmasters
@alanmasters, 6200 is on the table, the thing is that we know is going under 5k.
Reply
Good read, thanks.
Nice call on the 5800 too :)
+3 Reply
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