So again we had a big move up till $8500 during last weeks. It wasn’t that optimistic as the rest of altcoins didn’t show strength.
Do you remember our hypothesis with subsequent heights? We noticed that since December and 20K for one BTC each peak had ~85% in value of the preceding top.
It turns out it works this time too. We reached $8500 which is exactly 85% of the last top at $10000.
For details please look down below on this analysis ( BTC – Magic proportion 0.85)
Unfortunately the price has dropped down. We observed red line on the chart which is TenkanSen - a part from . There was a chance to jump again above this line but after very last drop down the best thing we can do is to sell and wait till it gets back above TenkanSen.
Moreover as you look at Weis Waves chart you can clearly see what’s going on. Demand has evaporated step by step (Waves 1-3) and supply is gradually growing.
In such scenario we should safely wait. We expect the bottom at around $5500 -$6000. That is satisfactory level for re-entry. HODL your horses. Stay cool and vigilant.
Next breaking up should be significantly bigger than this. :)
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