Unlike my other tech reviews, tonight is a theory I came up with. It could be all hokkum, or not. I will let you decide. We will know if I'm right in a day or two.
The pattern I saw tonight reminded me of the Apollo moon landing. I had the 30 minute BTC chart on the computer all evening while I watched a movie about landing on the moon. And something didn't make sense about the chart. BTC fell 14.5% in less than a day, it hit the Fib 0.382 retracement line and could only manage a 3% bounce? Where were the buyers. They should have been in the 9.5k region ready to scoop up BTC at a sizable discount. We dropped from 11.7k all the way down to 9.4k (a 2.3k drop) and there was a very tiny indiscernible bounce from a fall from that height.
It looked to me more like a controlled landing. Much like the LEM (Lunar Excursion Module) landing on the moon. I don't know if you ever played that game where you had to balance the thrust of the LEM's engines against the acceleration of the falling craft, but to win the game you had to land the LEM on the moon at no more than 5' per second otherwise you would crash. You had to time the engine thrust exactly right. Too much thrust and you would send the LEM up too high and you would run out of fuel and bounce on the moon. Too little thrust and you would crash (BTC price would keep plummeting down).
What I saw today looked like a controlled landing of BTC onto the 0.382 Fib level. At the landing there was nearly an exact balance between buyers and sellers when it reached this level. There was very little bounce and the price went sideways as if the LEM was looking for a landing spot. This takes a lot of skill. If there weren't enough buyers, then the price would keep falling. If there were too many buyers, then the price would go up too high and you would have a large bounce if it fell back down. What I saw this evening was perfect flight control. The whale must have played that game a lot. ROFL
Why am I mentioning all this? Because I think we are going lower. People are expecting a bounce up, a mini-rally back to at least 10.5k when they can get back in to short BTC or to sell in order to reduce their losses. If I'm right about the controlled landing theory, then this won't happen. We will continue to plunge tomorrow.
Also I drew an orange trend line on the chart. We know the price has turned bullish if it moves above this descending trend line. If it can't to that, then we are likely going lower.
As always, please do your own due diligence when buying or selling cryptos.
The pattern I saw tonight reminded me of the Apollo moon landing. I had the 30 minute BTC chart on the computer all evening while I watched a movie about landing on the moon. And something didn't make sense about the chart. BTC fell 14.5% in less than a day, it hit the Fib 0.382 retracement line and could only manage a 3% bounce? Where were the buyers. They should have been in the 9.5k region ready to scoop up BTC at a sizable discount. We dropped from 11.7k all the way down to 9.4k (a 2.3k drop) and there was a very tiny indiscernible bounce from a fall from that height.
It looked to me more like a controlled landing. Much like the LEM (Lunar Excursion Module) landing on the moon. I don't know if you ever played that game where you had to balance the thrust of the LEM's engines against the acceleration of the falling craft, but to win the game you had to land the LEM on the moon at no more than 5' per second otherwise you would crash. You had to time the engine thrust exactly right. Too much thrust and you would send the LEM up too high and you would run out of fuel and bounce on the moon. Too little thrust and you would crash (BTC price would keep plummeting down).
What I saw today looked like a controlled landing of BTC onto the 0.382 Fib level. At the landing there was nearly an exact balance between buyers and sellers when it reached this level. There was very little bounce and the price went sideways as if the LEM was looking for a landing spot. This takes a lot of skill. If there weren't enough buyers, then the price would keep falling. If there were too many buyers, then the price would go up too high and you would have a large bounce if it fell back down. What I saw this evening was perfect flight control. The whale must have played that game a lot. ROFL
Why am I mentioning all this? Because I think we are going lower. People are expecting a bounce up, a mini-rally back to at least 10.5k when they can get back in to short BTC or to sell in order to reduce their losses. If I'm right about the controlled landing theory, then this won't happen. We will continue to plunge tomorrow.
Also I drew an orange trend line on the chart. We know the price has turned bullish if it moves above this descending trend line. If it can't to that, then we are likely going lower.
As always, please do your own due diligence when buying or selling cryptos.
