No matter how you look at this chart, no matter what indicators you throw in. There is no chart pattern in here that say up anymore for now. We will be testing the 7665, then 6000, 5400 and finally 2980 areas. We will look for a reversal in those areas and update. The same can be said for all alt coins. Just wait for the panic selloff.
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At this point in time we are at the 161.8 extension of the first wave down. However not seeing a significant bounce yet, will be monitoring this area closely.
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We are not bottoming yet, the downmove is very extended but if this is the capitulation phase, then it can still go very very far. Watch out for a move that crash through many supports without bouncing, that should be the final wave, likely bottom at $4000-$5000.
not saying it cant go lower but there is some heavy bullish divergence on the MACD
Tendorian
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@danielmpowell3, That is true, but we should wait for the upmove to suggest the bottom is in rather than trying to catch a falling knife. Looking at the pattern, it looks more likely to break below $6000 for now.
danielmpowell3
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@Tendorian, true. some times I catch the falling knife with my face
Tendorian
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@danielmpowell3, That makes you the knife catcher in the circus =)
danielmpowell3
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@Tendorian, not sure if im trying to catch a pocket knife or a samurai sword
Tendorian
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@danielmpowell3, Looking more like a gunblade the steeper this falls