Although I stood against my own reasoning in my last trade, I did see properly the different possibilities. My trade was a loser, but it was due to personal ideas in regards my education path in trading. I did not have a loss before, I mean of a significance, and I was in the need to test my mentality and risk appetite. Nevertheless, the study was correct.
My current study is the following - we should see BTC a bit below the low $6K by the beginning of January 2020. Between 6th and 10th of Jan in my opinion is where we'll see the bottom of BTC markets.
There is a possibility that the price would test the $5950's.
Reasoning:
People use Fib tools from the ~$14Ks, but this is invalid in theory due to market structure. Rather the third lower high should be taken into consideration instead - $12,350, which puts 1.272 (next major level of the fib retracement) - which translates to a dollar value of $5950's.
If you take the second lower high instead, the next level is at 5700s, (again the 1.272) which may as well be valid. In my opinion it would be much more probable to see the price around $5.9K levels. I am open to any feedback, and will explain why I don't take into consideration the 14K high in my studies of the current structure.
My current study is the following - we should see BTC a bit below the low $6K by the beginning of January 2020. Between 6th and 10th of Jan in my opinion is where we'll see the bottom of BTC markets.
There is a possibility that the price would test the $5950's.
Reasoning:
People use Fib tools from the ~$14Ks, but this is invalid in theory due to market structure. Rather the third lower high should be taken into consideration instead - $12,350, which puts 1.272 (next major level of the fib retracement) - which translates to a dollar value of $5950's.
If you take the second lower high instead, the next level is at 5700s, (again the 1.272) which may as well be valid. In my opinion it would be much more probable to see the price around $5.9K levels. I am open to any feedback, and will explain why I don't take into consideration the 14K high in my studies of the current structure.