Giorgioversace

Bitcoin: Panic sell-off started, more quick downside to expect

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Congratulations if you are still using Tradingview and you are not in a market crash denial, and thank you for having supported my previous TA that might have sounded like a "Fud" or a "silly TA" for the crypto maniacs and youngsters in a bursting bubble denial, telling us Bitcoin             was bottoming at 7.700$.
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 Smma (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 Smma , was in Septembre 2014, when it started to settle in a bear market for painful years.

This 200 Smma 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 bullish 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.
Comment:
Could see a short squeeze sooner or later.
Great Breakdown mate! I however think we might see a meltdown right to $2000
+1 Reply
4K seems about right
Reply
Giorgioversace cryptoninjaz
@cryptoninjaz,
Maybe.
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
Reply
Thanks GV, learning a lot here

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?
+1 Reply
Coder775 dRends35
@dRends35,
NT=C+(C-A)
V=B+(B-C)
N=(C+(B-A)
E=B+(B-A)
Wave structure and take profit calculations.
Reply
dRends35 Coder775
@Coder775, Not really following. Do you do a layman's expansion or point to a learning source?
Reply
Well done Sir.Thank You!
Reply
BTCUSDSHORTS at the near top. Gamblers buy high and sell low.
Reply
@panconpalta,
This, will never change lol.
+4 Reply
Do you think it might could be as the bubble of 2013 that came just before the bubble of the 1000$ peak in 2014? With a V bottom structure... The structure is similar (moon and 3 dead cat bounces)
Reply
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