davidm163

davidm163

Bitcoin just hit 8000 and is at -42% of the cycle high. I believe this is the end of the correction and the cycle bottom is in. This correction is following a similar pattern to the June-August 2016 correction. 1. Bitcoin reaches a peak, consolidates, goes sideways, and then crashes at the end of the correction on high volume. 2. Daily RSI during both correction...

davidm163

I think we are at or near the altcoin correction cycle bottom for the following reasons: 1. RSI has bottomed out (near historically low levels, that usually indicate a reversal is upon us) 2. Over 50% correction since BTC hit 13.7k at the cycle top. In bull markets, the altcoin market typically corrects about 50-55%. 3. Price far below the the 200 MA. Usually...

davidm163

I think we are at or near the altcoin correction cycle bottom for the following reasons: 1. RSI has bottomed out (near historically low levels, that usually indicate a reversal is upon us) 2. Over 50% correction since BTC hit 13.7k at the cycle top. In bull markets, the altcoin market typically corrects about 50-55%. 3. Price far below the the 200 MA. Usually...

davidm163

During the crypto bear market, LTC gets killed, and drops 90+%. Much steeper retracement than BTC. After the cycle bottom, LTC recovers better than BTC at first, but it is very short lived. Once we hit an intermediate cycle top, LTC stalls and goes sideways, while BTC consolidates, but ultimately keeps going up. Last BTC bull market, LTC went sideways for 600...

davidm163

When the RSI for the BTC monthly chart hits 96, the bull market is DONE and the 85% correction begins. Has happened the last 3 bubbles. Current RSI = 66. We have some ways to go.

davidm163 Updated 

Map of 30+% selloffs in the bear market of 2014 and 2018 and bull market from 2015 to 2017. Since the begining of the new bull market in late Dec 2018, there have been no dips of 30%. We are due for a shake out soon. It will be normal, just HODL on.

davidm163

Looks like this history is repeating itself. First retracement came at the .618 level. Looking for the next steady rise until the 1 level. Followed by a retracement, bounce, breakout through previous ATH, and from there the sky is the limit. (but more like 100k - 300k) If this is true, we are in the very early stages of a bull market, and now is a great time...