As you can see, Btc started its process of panic sell-off, market symptoms of an incoming panic were starting to be visible.
We should expect the market panic to continue and even to increase its speed of selling, this is what the odds favour in this part of the crashing market.
Of course there will be short squeezes, most certainly pretty soon, and bulls will slow down the crashing process from time to time but the downside seems not to be over at all.
Huge warning, Bitcoin completely dived below the 200 (it dived much more and much faster than i even expected).
This is a signal that Bitcoin is definitely settled inside a bear market for good.
Last time Bitcoin went that much below the 200 , was in Septembre 2014, when it started to settle in a bear market for painful years.
This 200 is the lonely true basic indicator so far, that tells us the health state of Bitcoin (below= bear market, above= bull market)
Good luck to you, watch out with falling knives, and watch out with over individuals that might be in a complete crash denial / or having interests trying to desperately slow down the crashing process.
Do not forget this market is just complete speculation yet, there is zero value behind any of these coins except what the other guy is willing to pay for the coin you sell him. The cost of mining is absolutely not an indication of the coin intrinsec value.
Take care a lot.
Could see a short squeeze sooner or later.
Could also go way lower depending on how things evolve with regulations and certain exchanges.
Impossible to know yet, but hitting 4k is very possible
In my TA book, it says that the downside target of a symmetrical triangle is the vertical distance from first touching point of upper and lower trendlines, subtracted (or added if upward) from the price at breakout. In this case that would be 11688−5920=5768 for the vertical distance and then 7150-5768=1382 for the target from breakout. I am getting lost or is there anything valid here?
Wave structure and take profit calculations.
This, will never change lol.