Lets keep things very VERY simple. It's running out of room don't you think?
Komen: As bitcoin is crashing, lets look at this thing from the bigger picture. You can all use log scales, you can all use other tools that justify why Bitcoin will "go to the moon." But the bigger picture never fails. NOTHING can grow at this rate without major corrections. As much as we would all love to make money and exponential rates. It just cant happen. Corrections happen, but this is the big bang that's been accumulating over the course of the years. It has to happen. It's inevitable. Fun fact: look at the DOW Jones Index (1 Month view) and Amazon 1 week chart from the full few. Look similar?

If you look at the RSI over the course of the years, you see that the highs are getting weaker and weaker. What? How can a peak of $11,000 or even $8000 be less strong than a peak of $770? Strength of volume, compared to price (simply put). What goes up, must come down. The harder it goes up, the harder it comes down. According to my Elliot wave analysis, this will most likely retrace 50-61.8% loss on this gain, heck, it may even retrace more and I would not at the LEAST be surprised. Remember that on an Elliot Wave analysis, when you reach the top of Wave 5, it will retrace the ENTIRE length of the gain. Guess what guys, This is wave 5 of a gain from as low of $680. That being said, my targets for this retracement (now that we know the high) are:

Target 1: $7250 (38.2%)
Target 2: $5934 (50%)
Target 3: $4560 (61.8%)
And possibly Target 4: $2815 (78.6%)

This is not good. Hopefully our 100Day moving average will come save us like it has in the past, but it's not looking good, my friends. My money is out of the market. I don't try to play around with corrections. But when the dust settles, and everyone is "done with cryptocurrencies" is when I'll re-enter. I don't believe this will ever be over, but I believe in healthy growth. And cryptocurrency will never gain the trust of the world until supply and competition is increased to then allow a healthy growth for distribution of the market. Sometimes these things "corrections" (This is more-so a crash) can take a while. Unfortunately, in the cryptocurrency world, a while a just... days.

Having one asset dominating an entire asset class is not always a good thing. In my humble opinion, this is not good for cryptocurrency. As much as I love the idea of a decentralized currency, I completely hate trading with BTC being the denominated currency. I prefer stop losses and sell limits, but I can't trust anything like that with a denominated coin that is so volatile in price it makes this whole industry non-trade friendly. There's a lot of problems going on in my opinion, a lot of corruption. Whether things are decentralized or government regulated, you are always going to have corruption. But now I'm rambling. I'll see you all at the top after the avalanche drops!
Komen: I forgot to mention the MACD. The moving averages (lines) haven't been sub-0 for a while. Uh oh.
Komen: Dang it Bitcoin! "As Bitcoin is crashing." Yeah right. I swear this thing is unpredictable. I put my money back into the market yesterday lol. Nonetheless, the big correction is still due, we'll know when it happens.
Komen: Coming back with a humble guess (because that's all that we can do at this point with bitcoin. I expect a very large retracement (About 36% of the total price of Bitcoin at the time Futures are expected to release between Sunday and sometime Next week. I have the feeling we are seeing an influx of institutional money right now and they are leveraging their short positions coming up. Be very cautious as this week approaches and Bitcoin reaches unstable highs.
How are you able to insert RSI on the poloniex chart?
Eball8 chimchris247
@chimchris247, I just go to indicators at the top of the tool bar and search for RSI.
Try this... click log scale; all better, now there's room for another 1000% gain! :)
Stay sharp out there ;)
Eball8 virtualcopyright
@virtualcopyright, haha, yes that is another way to look at it.
I think when we get to the upper 9000's but until then, we going for 3-4 more weeks...
Eball8 silmaril0875
@silmaril0875, Possible. I'm gonna get more technical here, But notice how highly inversely correlated Bitcoin is with Bitcoin Cash. Bitcoin Cash is currently in Wave 3, where it's next target should sit around the low to mid $3000 area. That could be the next catalyst for Bitcoin to have it's one MAJOR correction. If I were an investor, I would not want to invest into Bitcoin right now haha.
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