I like to look at the past behavior of the players in the market to provide me with insight into where we may be heading. We
BTC/USD
can see that BTC is extremely volatile. As fast as it prices rises it can fall faster. If you look at the swings before the hyperbolic rise we have the first swing 31.9% in 1d /20hrs the next leg down was 28.7% in 3D/4h - in FX trading we sometimes see symmetry in waves and moves. I am looking for another leg down from where we are - price has stalled at a 161.8% PT of the overall move. This could happen quickly as we have seen in the past. I have drawn some support lines to see if there's any coincidence. I see a confluence of a 50% retracement level (mean reversion and a recent trend line and an extension profit target of the recent decline.This cluster gives us a higher probability that trade set-ups are going to occur.