I had to repost my idea because I accidentally violated the rules in my previous post. Sorry for being redundant. Thanks for your patience.
Please don't trade based on my technical analysis alone. This is only meant to provide you with new ideas and new insight to improve your own unique approach to trading. I don't expect to accurately predict what the price will do. I just enjoy imagining different scenarios that could happen. Enjoy!
As you know, Bitcoin has been consolidating for most of the year, and earlier this month we finally broke the pattern to the downside. I like to refer to this pattern as a "low base" formation. What do you call it? Leave a comment and let me know.
Bitcoin entered into the 2018 low base formation with a 70% drop, from 20k to 6k. It's typical when a consolidation pattern breaks to duplicate the original move, so it's very possible that the break will be another 70% leg down, which puts us at 2k. I personally believe that if we hit 2k, it will be a bottom, and it will rally back up very quickly. I like to say "The market won't give you a lot of time to buy the bottom or sell the top." Also, I think it would be fitting for the market to destroy the December bulls, just like it did to the November bulls, and then come back and destroy the January bears. What about you, what's your opinion? Let me know.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
Please don't trade based on my technical analysis alone. This is only meant to provide you with new ideas and new insight to improve your own unique approach to trading. I don't expect to accurately predict what the price will do. I just enjoy imagining different scenarios that could happen. Enjoy!
As you know, Bitcoin has been consolidating for most of the year, and earlier this month we finally broke the pattern to the downside. I like to refer to this pattern as a "low base" formation. What do you call it? Leave a comment and let me know.
Bitcoin entered into the 2018 low base formation with a 70% drop, from 20k to 6k. It's typical when a consolidation pattern breaks to duplicate the original move, so it's very possible that the break will be another 70% leg down, which puts us at 2k. I personally believe that if we hit 2k, it will be a bottom, and it will rally back up very quickly. I like to say "The market won't give you a lot of time to buy the bottom or sell the top." Also, I think it would be fitting for the market to destroy the December bulls, just like it did to the November bulls, and then come back and destroy the January bears. What about you, what's your opinion? Let me know.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!