Patience is key and this is why I said wait for clear sings of an uptrend. Just look at the volume, there was nothing. Buyers were too weak for me to begin a new rally. And stop getting bullish because of a small uptrend. After a huge drop there will always wait a bigger correction for us, this is the normal circulation of a market.
Now here we are. The question is now: Is this the end of the structure? My answer is: We don't know. Let's see if we can break the bottom. If yes next big support is waiting at around $7000-7500.
I am bearish and will stay bearish until we see the bottom. No upmove in the world will stop me.
I wish you good luck my bears.
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IF we go down more it is very likely that we see a pullback at $8700-8750. Nothing special. RSI oversold and needs a regeneration.
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Looks like Bitcoin going higher. I see $500 potential to the upmove before it goes down.
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This probably will go one more time up sharply to ~8800$ to complete an ABC pattern. Would like to show it, but have only my phone with me. If I am right we will test $7200-7500 area. Stay prepared.
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*if I am right we will test $7200-7500 area after that.
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Wait until we go below $7900, look for a bounce and a flat if you want to take the trade. But after a breakout of a flat put a stop loss below the previous impulse to stay safe. I won't take it because I don't like to trade corrections.
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Doesn't look like we will see $8800 but possible. Nevertheless we should break $8400, so if you are in put your stop losses with the move.
This will be another huge fall.
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When we break $8800 with confirmation I will look for buys. This would mean we will have a bull run until we see the drop.
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Perfect prediction. We broke $8400 and didn't see $8800. Now we closed daily candle at ~$8300 what is a bearish sign. I will post new chart when we reach $7500-7200 because target stays like mentioned in the idea above.
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Currently too many people are waiting for a huge drop in my eyes. Now I see a structure which would mean a bull run until we see the crash. Later I will post the idea.
Expect this bear market to bottom out over the next 7 days. LTC 140, XRP 0.57, ETH 450 and BTC 6000. Should BTC reach 4000 then I will be more than happy to buy XRP at 0.42 and of course BTC ;-)
Agree with your last comment. Don't know your idea but one possibility I'm thinking is going back up from 7300 for a triple top double zig zag, then back down. Lol... sounds f'g stupid when i read it back!
Been following your ideas with interest. Thanks
evanp90
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Thanks for your update.
henry7696
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btc is dead. long live btc.
but seriously, Mr bear is here, and wants to eat and swallow all you little fishies :) he is hungry! btc is looking ripe and plump after a great fattening last year...but btc is slow...tired and old...
the bear is fast...with big volume. he sees the soft, fat btc and is licking his bear lips...ohhhh btcs` rump looks tasty! $2000 by the end of the year folks. its done.
Zsolt28
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Why 4k? Both the end of the channel and the mean price is at 2k.
What are your thoughts on time frames for bottoming out? I'm sensing a lot of folk are quickly getting tumble dried out of cash and any slight breeze of bad news brings the house tumbling.
E557
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@worsley, Nobody can know. Maybe 2 weeks or 2 months. If I would know I would tell you. But what I can say is that on the way many will burn their whole money. Most of them have already lost a lot by hodling and there will be even bigger losses. Or people who always think of a bull run will lose their money as well. I have warned everyone here that they will lose more and faster money than they gained. A downmove just happens faster and is stronger than an upmove. People don't know how to trade a bear market.