this is the last dump and the last bearish wave in my opinion
this trade is simple .. btc broke a major trend and not retest it again
i expect btc will stay in this area 7400 - 7200 for few days then this wave will start to the last target 3500 $
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this was the previous idea shared
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ZOOM IN
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btc hit our stop loss 9% and break the two trends with a big candle
we made 30% profit in last trade :) so do not be upset btc dominace 47% now
next few days will be very important to know if this break fake or not
as we are now at 61% fibonacci
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this is the most important area to decide which way btc will move
from 7800 to 7500 if this area broken btc will continue bleeding
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btc stability above 7800$ give a chance for another wave to 8500$ to 9000$ and this will be perfect for all usdt market u can trade with stop loss under 7800$
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this trade still active !!! and maybe more dump will happen more than 3500$ target
The best way to predict market cycles is to look at the history of Bitcoin and its behaviour (Bitcoin's "DNA"). Significant patterns of prior bubbles must not be neglected (before, during and after a bubble burst).
With this idea you are predicting something that has never happened to Bitcoin before ==> Retesting the same price as a prior significant correction during a later bigger correction or bear market. The last significant correction (>20 days, ==>) was in september 2017 and the correction low was about 3k (which you are predicting Bitcoin will hit).
Is it possible? Yes. Is it likely? Absolutely not.
@rexmentula, just make a small research and you will know that btc dump from 1000$ to 140$ in 2014 and this always happens every 4 years
2010 - 2014 - 2018 -2022
rexmentula
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@cherif100, you misunderstand, and trust me, I've studied this.
During bear market in 2014-2015: Bottomed out at approx $160 on january 2015. Last significant correction low: approx. $60 in july 2013.
During larger correction in early 2013: Bottomed out at approx $60 in july 2013. Last significant correction low: approx. 9-10$ in october 2012.
During bear market in 2011-2012: Bottomed out at approx $2 mid november 2011. Last significant correction low: approx. 0.6$ in early april 2011.
During larger correction in 2011: Bottomed out at approx 0.6$ in early april 2011. Last significant correction low: approx. $0.16 in december 2010.
And there are several other (insignificant) smaller bubbles which follows this pattern.
Also, Bitcoin-price is flirting with the lowest bullish exponential trendline in the entire history of Bitcoin right now which signify an exponential growth of about 340-350% per year. This growth has been significant throughout the history (at least 3 long-term trendlines are significant in terms of explaining the market cycles of Bitcoin - upper-, mid-, and lower level). If the price of Bitcoin establish itself below this trendline, it would mean that a 8 year old market structure would be broken. Can't see that happen in this bubble - maybe a couple of bubbles later.