Bounces and dead cats until we reach at least the 1.27 at 5k. The 1.86 at 3.5K is also possible. Should take its time getting there though.
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Head Fake ...Bull Break. Then side skate ...2.5 ton fun in the sun.. here we come... that's 5k for those who might be dumb or young. Or both.
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In truth though the lack of FOMO is a sign that we might actually get a rally here.. may maybe back up to the .618.
Also take a look at the Wycoff Accumulation pattern with the that large double top being the beginning.. if so then we need a spring down to both test the lows and spark buying pressure. We have no clue right now what $4K bitcoin would look like becuase the market didn't test it for very long... like maybe a week at best.
Also take a look at the Wycoff Accumulation pattern with the that large double top being the beginning.. if so then we need a spring down to both test the lows and spark buying pressure. We have no clue right now what $4K bitcoin would look like becuase the market didn't test it for very long... like maybe a week at best.
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Btc still working on this structure. From this point on I don't expect bounces above 6450 to last until we reach another Fib target.
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A month and a half from the original post and we are teetering on the 100% line ... 5k 1.27 fib line just waiting on the bounces to fizzle. This is how these patterns break down... slow grinds, dead cats and quick stair steps down ...repeat. Price is easy to predict its the time (x axis) that gets most traders.
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Direct hit on the .5 fib. Monster rejection. So we Continue The slow grind down.
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approaching the bottom of this structure. the 1.86 is at 3.3K we blew through the 1.27. but its a good referenced point for any rebound reachtions we might see as BTC starts its sideways bottoming formation. Eventually we will see our first higher high. 2019? Gearing up for the havening in 2020 its going to be HYUGE...
