The Stoch RSI dips on the daily chart indicate if we are going down further then its probably still a week away
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we are still in the channel that formed on December 22. We hit the bottom this morning, but it formed resistance. We will probably retest it soon based on the 4H and Daily charts showing the longer term downward trend. Once we break the channel resistance, watch for huge dumps and an explosion downward.
Alternatively we may remain in the channel for a period of time and if we don't go lower than the channel and the Stoch RSI starts its upswing on the daily chart then I say we are going bullish and 12800 is the bottom of the lows.
For now I am staying out of the market and remaining in cash till I am certain which way this is heading
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On our way down to 8000 tomorrow as I predicted a week ago.
Unfortunately, I exposed myself to the market impulsively and left the computer for a bit and returned to a disaster. Decided to ride it out rather than panic sell. This hasn't been fun. Should have known better and listened to my own advice to stay out of the market!! Trend Analysis tells us the bigger picture on this larger timeframes, we just need to heed its warnings!
nope u r wrong...at 12k we will reverse or at 10k atleast...if we successfully crossed 14k then delete ur chart...we r not gonna come to 12k-10k again if 15k shooted without pullbacks..markets wont work like this..
jimo79
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@ghose12, ease up I'm not trying to be right or wrong. I'm saying _IF_ bitcoin drops to $8000 this is the potential timeframe for it happen. Its only an idea. Of course the market could go the other way and turn bullish between now and then
Creambaps
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By your own chart, why would we go to 8k? It's quite far beneath 100MA.
jimo79
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@Creambaps, better experts than me saying there is little resistance between 12800 and 8000. I'm not sure exactly why either, probably previous support levels
vRaBBiTv
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@jimo79, @Creambaps $8000 is the zone around EMA 200 which would be considered the bottom support if the market is still overall bull trend long-term... below that would probably go into oversold territory
WickedBorn
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You seem correct
jimo79
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@NavjotRandhawa, sadly I appear to be. Wish I had listened to my own advice and remained all in cash.