When BTC was around 5650 in October 20, i showed a chart showing the possibility of going up an average of 52% and minimum of 35% from 5190 price. I was expecting a minimum of 6900. The new high is now around 7740 which is about 49% increase from 5190. (checked related idea below for original post)
The average was formulated by looking at the candles that were formed with long tails (notice 4 past candles with long tails are almost perfectly aligned on the upper part of the blue trendline) so when measuring the bottom of the tail with highest price of that period, you get percentage (written in blue), the average of those percentages is 51% and the minimum rise is around 35%.
What is so special about those long tailed candles? well first of all, they show that many buyers are still and found those low price points as bargain, 2nd of all, what's interesting is that all those long tails draw a straight line, from 1st to 4th. Maybe algorithms are taking part here?
Now if we look at the previous declines in prices. The Average fall was about 35% so from 7740, the next new low should be at least $5000.