I think this drop could (should) go much further than my original chart.
The orange Elliot Wave is a copy from the mid December 2013 crash. It seems to fit in relatively nicely with the current trend lines and markers I've already used and brings the price back down to the black trend line (bottom of previous sell offs).
At this point it should gather support and slowly work it's way back up to new ATH over the coming 4-6 months. It may then peak around late July-early August before the bubble pops once again.
Comments?
Comments
johnrfraser
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This seems likely to me. What bid price do you think you'd have to make in order to guarantee a buy of any volume though? This 360/380 will exist for only seconds of even fractions thereof.
If it significantly breaks this target, do you think it would mean a sign of no recovery?
Having said that, even if human sentiment completely diminishes, bots will never let it go will they? What's the real real bottom for a hardened bot?
DanLaffas
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I'm being pretty conservative in my trades from here. I've been burnt plenty over the last few weeks trying to pick tops and bottoms. (learning the hard way)
I currently have a short from $660 which I'm scaling out of at $590, 570 & 530. Then I want to change my $$ into BTC before leveraging again and going long.
As for the bid price, I guess you could either put them in now - scaling in on the way down, or wait for it to bounce and start buying on the way up. It all depends on when this happens and whether you're at the screen.
Unfortunately I have no idea what would happen if it breaks through with any force. I'm still really new to this game. My forecasts are just using past patterns and trends that seem to fit the current run. I am hoping some seasoned T/A guys can pick this apart and give us some further insight into reading the charts.
I am using this chart from 'LiveLearn' as a basic guide of the previous pattern repeating over timetradingview.com/v/3qJCpvjH/
If it significantly breaks this target, do you think it would mean a sign of no recovery?
Having said that, even if human sentiment completely diminishes, bots will never let it go will they? What's the real real bottom for a hardened bot?