As for timing - we're finishing this descending , and falling until something kicks the market. And right now the looming "news event" (which often causes the market to stall in anticipation) is the G20 meeting of finance ministers and governors in Argentina on Monday the 19th. It seems that cryptocurrency will be on the agenda.
So just like the senate hearings, where the world waited and held its breath, dumping alllllll the way up to the fateful day only to have nothing but positive news from the hearing itself -- we're still slumping in this . The 19th provides the perfect intersection of rising , the 0.764 retrace fib, and this selloff, making $7350 my favorite entry point, but holding some reserve bids at $6950 as well, just in case bears try to spook the market by breaking a few at the last second and stop hunting. All it will take is the slightest whiff of favorable news from the world's finance misters, praising the blockchain or at least NOT banning crypto, to light the rocket.
Throughout this selloff, I've been forecasting and trading reversals based on the 0.705 OTE retrace (no, it's not a proper fib ratio). This has been dependable enough that I'm confident to buy in this zone, and to sell when we reach 14-16K. Here's a few examples of this retrace in action (many are too small to be seen on this daily scale, see related charts below):
PSA -- if your purpose in commenting below is just to spam your own charts (thinking you'll get more attention here) and shout me down, please do us all a favor, and go away. Contrary interpretations are always welcome, just don't be a dick about it