Well if you are a lot like me, you thought the correction was going to be swift and brutal, yet as it turns out we may have already hit the lows and the Bull Rally, fake or otherwise, may very well still be in effect! Just look at how even with extremely low volumes we are still trading in an increasing pattern with dips that lead right into 10% gains! Therefor we have to take into account that although we are absolutely still in a correction, and will be for likely another week, we might not see another 30% leg down, we might only see the local lows that were achieved early last week!
This is why I have to price targets, the purple and yellow lines. The purple has us "triple bottom" or Double Bottom the lowest low so far ($7.35), the Orange has us correcting to the previous low ($6.7). I believe both are realistic expectations, but the likelihood is up in the air. Whales could come in tonight or tomorrow and absolutely assault the market with massive dumps and incredible volume, or low volume trading can have us ticking ever so slightly higher with higher lows and higher highs. Personally, I think the 7.35 range is the most likely to occur otherwise the 6.7 would have came within bow shot already. However, as I said, anything is possible in Crypto!
What do you guys think?
This is why I have to price targets, the purple and yellow lines. The purple has us "triple bottom" or Double Bottom the lowest low so far ($7.35), the Orange has us correcting to the previous low ($6.7). I believe both are realistic expectations, but the likelihood is up in the air. Whales could come in tonight or tomorrow and absolutely assault the market with massive dumps and incredible volume, or low volume trading can have us ticking ever so slightly higher with higher lows and higher highs. Personally, I think the 7.35 range is the most likely to occur otherwise the 6.7 would have came within bow shot already. However, as I said, anything is possible in Crypto!
What do you guys think?