Believe we are still in a down trend from $14.5k run up. This despite Tone Vays and entire crypto world determining we are long. The bounce we just had to $13k roughly hit the 786 fib level, and sell off occurred soon thereafter.
I believe we are still on our way to $6-$8k and will consolidate and bounce from there. It may not be a very long consolidation period, but expecting late August/early September 2019. There will be plenty of mini breakouts and bounces along the way, but rest assured we are headed down to consolidate. The entire market needs it, the bulls are worn out with a lower higher, and this market, though not in sheer magnitude, is a baby bull from 2017. The patterns are the same, and the psychology is the same as well. Expect some wild mood swings.
If we pass $13K another time before we hit $8k, a new analysis will be needed.
I believe we are still on our way to $6-$8k and will consolidate and bounce from there. It may not be a very long consolidation period, but expecting late August/early September 2019. There will be plenty of mini breakouts and bounces along the way, but rest assured we are headed down to consolidate. The entire market needs it, the bulls are worn out with a lower higher, and this market, though not in sheer magnitude, is a baby bull from 2017. The patterns are the same, and the psychology is the same as well. Expect some wild mood swings.
If we pass $13K another time before we hit $8k, a new analysis will be needed.
Comment:
I have been thinking a lot about what the repetitive chart pattern between now and December 2017 means. If everyone (including yours truly) believes we are repeating the previous topping pattern, does that mean we will get a "V" bottom. I will need to think deeper and look at other analysis and assets to come to some conclusion. Short term am looking for $9,300 and a good sized bounce, maybe as high at $10,800, before we head down again. Will update as I do a bit more research.