For more fundamental information on the reasons for the bearish prediction, read:
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You nailed it. I just don't see how you saw it. Just using fibonacci?
The4Fund
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@codewarrior_777, The important fundamental part for me was the website exchange traffic continuous drop since the peak around 14k. So I think it was a matter of time before the price drops if this website traffic downtrend does not reverse. So this is the important part. Now it is really a guesswork about the targets, nobody knows. But comparing it with the previous downtrend you can see this major fibonacci pattern which played out perfectly back then with taking profits at -0.236 (9100) and -0.618 (5900) which are major fibonacci taking profits levels. So I tried to fit similar scenario here and it just made sense from psychological point of view as well as these corresponding levels now were -0.236(8000) and -0.618 (6000). And I think 6000 as the last time should be a strong support zone. What will happen after 6000, I have no clue at the moment but I am still holding the short position until then.
And generally speaking the daily timeframe is good for playing this fibonacci swings, you remove lots of the noise and forced liquidation at shorter timeframes.
josque
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and also, I think this idea correlates with yours as well...