Many of you probably will tell me that, there is no way that we following 2013 correction, but I think there is always similarities in each correction. Looking at 1 week charts I managed to find similarities in those 2 corrections, and I have copied wave "B-C" from 2013, because 2013 correction was taking much longer than this one, (2.3636 times longer- so I have shorten it to the same size) and the blue wave which i added to current correction is taken from 2013. Lets see if we will follow it.
As you can see on the picture, I put a ray from 2013 - going thru all lows points, and I put another one - bearish one ! From 2013 TOP and from 2018 TOP . As You can See clearly marked on this analyze they both are crossing in 0.927 retrace ! where I put red horizontal line ! And I do believe that this correction will follow to this exactly target !. As you can see from the past, MA50 is still bullish on 1W charts, but that doesn't change my mind according to to correction. When we will get under MA50 than, I will say that correction is almost finish, and once we cross back to the upside of MA50 will be a sign of bullish !.
But Lets take a closer look on zoom UP for actual correction !.
So Looking at this picture below 1W charts just closer look, what can we see? Past week - Yellow horizontal line ! TOP according to the "2013" almost there can you see that? !
Lets take a look at this current week! Green horizontal line ! So far, so far, we are below our target, so we may go UP to 9100$ .
Approximately in 3 weeks time (can be sooner) we will see 5300-5400 !
Thank you for reading, feel free to leave your feedback .
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Comment
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Update:
We were heading UP, and we stopped where I told you we will.
MA50/200 are heading DOWN, there can't be bulls with them going DOWN, there is no volume to turn bearish to bullish.
I think Bitfinex chart doesn't work well for those years. Bitstamp has a more reliable chart.
Coder775
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@hkh222, they don't have such a big different in them, it's all about showing "bigger" view than a small.
overall view.
cI8DH
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@Coder775, There are quite big differences in early years. 2014 crash has significantly different lows. In the case of Bitfinex, they are exaggerated. Later major drops are quite different so when you project from those lows to get estimate supports lines for today, they will be off by more than 1000 dollars.
LisaNEdwards
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Yes! That was my primary from about a month ago! going back to this! after tether print today it doesn't end well
Coder775
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@lne, everything says that we are still bearish, MA50, MA200, ichimoku says mixed signals but there is no volume. We may bounce around 9K for a couple of days or we may drop once Asian will wake up.
I think there will be a massive selloff because of the price. I was analyzing demand and supply chart to see what they will tell me, there is still more people who want's to sell than the ones to buy at that price. We need a break lower to get more of a HODL people, so that there will be less in circulation. On top of that, we have to many new coins coming to the marker, which makes inflation.
Sorry for my English I'm ain't native English speaker.