The future is an echo of the past. Understanding how time works, what patterns repeat, within what bounderies reality or trading plays is key to predicting the future. TA is not a golden ticket to know the future, it is an excellent tool to provide us with a good rational idea of where potential resistance and support in the future may lie. Apply some probability and we can make a good average guess. I put these three historical events next to each other so we can learn the correlations and get a better grasp how to react and trade. What I see is that once we make an all time high, the .618 levels is an important support level and when broken some serious dumping occurs. See what correlations you can find yourself, hope it helps!
Worthwhile to check out, somewhere in the future it should come down.
Trade active
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I made this chart for a good reason, study the chart well now, we got a panic shake out but should retrace up somewhat in upcomming days. 50% down 10k 58.6% around 11.700. And 61.8% is 12.4k these levels should be panic sell pickups. I'm in from 13300 and thinking to hold it for a few days now. It should be heading up as you see it did historically.
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Check out these historical bubbles, after we hit 29.5%-38.2% we always go up! Prepare for some bounce, marketcap about to bounce on 38.2% retracement.
2011 who could return hehehe. thank you for sharing
VanBenno
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Are we currently in a bull trap?
What's going on here? I don't like Bitcoin AT ALL but I'm worried about how that shitcoin affects the legitimate alt market. Is Bitcoin's fall going to negatively impact superior tokens which have nothing to do with BTC?
mhmilo24
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@VanBenno, that shitcoin build the foundation for the whole market. show some respect.
ThankUKind
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side note question; Silver a good long at these prices? I hope so for my future me's sake.....
VanBenno
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Everything you're saying seems to indicate that you believe that BTC is a bubble and that the bubble just popped... But you keep saying to Buy at certain levels. I don't understand.
Why would I "buy" if the bubble popped? Shouldn't we all cash out now? That's what everything you're writing implies.
Weavs844
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@VanBenno, I think the point was to see potential patterns that could play out. We could be in a bubble... depending on if support levels hold up or not. No one can tell for sure if we are or not though. Buying when we see resistance on support levels where there is a decent chance it breaks up is what is he was recommending. Can obviously sell right away if it doesn't hold it that level and wouldn't lose much.
VanBenno
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@Weavs844, Looks like all of the charts he's showing are of bubbles popping. There tends to be a bull trap and then the downward trend continues. On the charts presented here, there is no recovery to prior ATH. Is that what he's suggesting?