This is what happened Nov 2013 - Nov 2015 This is what's been happening Dec 2017 - NOW
Note: THE KEY IS: the first drop goes from 1.618 -> 1
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Some people have asked me - This chart don't even look like it's plotted correctly. - How come 1.618 is at the top? - Where did you get this from?
My answer is this:
I just made this up that by logical thinking. This is my own analysis, alright? ;-)
If you throw away your worthless TA textbooks and simply use your head to understand what happens to the price at the first major retracement after a bubble bursts, you may be able to comprehend this.
1.618 (top) -> price became "felt" too expensive to hold 1 (first retracement) -> return down to the "felt" normal
Golden ratio and stuff...
I hope that's understandable ;-) and you can follow my logic. Don't hesitate to ask if not.
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MA150 30m resistance is too strong. Bitcoin's unable to break out beyond that. As before, going down to 2.9k
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Notice how the bottom formed between weekly MA125 and MA205 last time? We are not there yet. There is still hope. ;-)
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Thought of the Day: If 3.1k breaks the Bitcoin is over
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Is slipping to $ 2.5k imminent?
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Slippin' and a-slidin' Peepin' and a-hidin' Been told a long time ago Baby, I've been told Baby, you've been bold I won't be your fool no more!
Hi @ReallyMe I am seeing it might go low around $2975. You see no possibility? Why would BTC dead below 3.1k because of mining becoming not profitable? But it was this low back in summer 2017, so I don't see a reason why it wouldn't go that low now.
ReallyMe
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Hi @jackidrude, How low it will really go, nobody knows. If someone tells you otherwise, he would know that, he overestimates his ability to predict the future.
However, there are certain waymarks that are of enormous importance to the markets and to the further development of the stock price.
For example, if the price falls below the 200 weeks average. That would be BTC going under $ 3.1k.
That's why I think so. I can be wrong, though.
ReallyMe
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MA150 30m resistance is too strong. Bitcoin's unable to break out beyond that. As before, going down to $2.9
ReallyMe
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The $1,000,000 dollar question on my mind: Could this be "bottom bottom" yet? Or is this just "a bottom"?
If I look at the RSI ... Can it be any lower at all? The Bitcoin is oversold like never before.
I also kinda like the fact, that many "analysts" start writing "Bitcoin is dead", "RIP Bitcoin", "Game over" and stuff...
This is actually a very good sign. I am serious!
NGNPRO
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@ReallyMe, in my opinion, big probability price can go lower, wish I know where to buy ;)
NGNPRO
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@ReallyMe, also it's possible we could buy a pizza for 10000 BTC in 2019 :)
NGNPRO
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Hi, do you expect BTC a retrace to 0.618 at Q2 2019?
ReallyMe
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@NGNPRO, It had to rise 4 levels higher. Quite a challenge. Have you ever played the lottery and had four numbers correct? ;-)
It is absolutely impossible and without any sense now to predict where the price will be in Q2 2019.
I have a habit of doing things step by step. Don't try to predict how the market will move, but observe and follow it.