btc_joe
Long

The flying cat stumble (reverse dead cat bounce)

BITSTAMP:BTCUSD   Bitcoin / Dollar
1097 5 18
It's starting to look like this might have been just a healthy correction on our way up to new highs. We just tagged the 50% fib retracement line, which if it holds would be another higher low. While earlier I saw potential for a fall to $500 or so before continuing our bull market, it seems that every big dump has, at least thus far, been bought up pretty aggressively. On the 3d chart this has left us with some nice wicks and--most recently--a hammer candle which is about to print. If you take a look at the 1d chart posted below you will see that support has held thus far, and if we break up here we are about to cross back over the middle bollinger band .

The main fundamental reasons for this are one's I have cited before and are not much different then why IMO             this rally has come to fruition, primarily:

1. The halvening
2. Global economic crises (especially in China)
3. Continued slow and gradual progress toward scaling bitcoin through various methods
Comment:
BTC USD 1D
Comment: So, while I won't pretend i thought we would go this low (bifinex was sort of a wild card), it actually does not really invalidate that we are still in a reverse dead cat bounce, the big drop actually makes things look quite similar to the dead cat bounce before btc had it's selling climax in early 15:
BTC USD
Comment: More details/similarities:
BTC USD
Comment: same chart with added fractal of the bottom flipped upside down:
BTC USD
Hi btc_joe ! Think shorts to 61.8?
Reply
creaker creaker
61,8%?
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It's possible but I think more likely we go up from here...if you see the 1d chart attached--we just broke out of the pennant
Reply
creaker btc_joe
Here's what happened, if down
snapshot
Reply
creaker creaker
Correction wave?
snapshot

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