Got this idea as Bitcoin has been falling for six days --- the last time it had 6 red candles was from the top, a 50% fall in 6 days.
Obviously, this fall hasn't been as dramatic, merely 25% in 6 days, but there're other similarities:
For these reasons, I don't think bitcoin will go above 10k. Instead, 7.5k, 6k, & 3.5k are three targets I think more likely to play out.
Having said all that, this is a funny market more than bitcoin is funny money. Maybe it's the beginning of an extremely bullish rally to 100k.
Obviously, this fall hasn't been as dramatic, merely 25% in 6 days, but there're other similarities:
- Last time, after 6 red candles, we bounced at 50D MA; this time, it was 200D, after three days flirting with it. This makes it look like a technical bounce instead of real demand.
- We had confirmed double top three days ago (neckline 9.6k) that hasn't been broken & target not reached.
- We're still below 50D MA.
- Still below long-term trend line (should be a resistance now).
- Of course that downward channel.
- The overall volume is still low & on the daily chart we aren't really oversold.
For these reasons, I don't think bitcoin will go above 10k. Instead, 7.5k, 6k, & 3.5k are three targets I think more likely to play out.
Having said all that, this is a funny market more than bitcoin is funny money. Maybe it's the beginning of an extremely bullish rally to 100k.
Komen:
the question is which of the targets will be the lowest.
Komen:
definitively under 200D MA
will crash to 6k at least
will crash to 6k at least
Komen:
may see some green in the next 24h before the crash. 200d sma will be the high
Komen:
I meant the highest possible high. could very well be lower than that
Komen:
indeed a "green" day. but we're stuck at .386. I think the crash will come soon.
perhaps by sunday we'll see 6k
perhaps by sunday we'll see 6k
