This is a follow up from Analysis dated back to Feb 15, on related ideas, where I predicted an year long bear wave 4 with btc going down as low as 3.0K !! On this follow up I would not trash the 3.0K but will put a new perspective into place using a projection of what happened back in 2015 to current scenario. The 2015 crash ended after hitting the circle fib 1.0 and standard fib projection from 0.5 to 0.0 !
Retrofitting this to current situation thing are a bit different, as always, and there is nothing at 0.5 std fib, so I am using the 0.236 std fib to 0.0 and cross this with the same circle fib 1.0.
Market is always different but looking at what is going on is always good.
If you liked my chart please show some form of support so I keep going.
Retrofitting this to current situation thing are a bit different, as always, and there is nothing at 0.5 std fib, so I am using the 0.236 std fib to 0.0 and cross this with the same circle fib 1.0.
Market is always different but looking at what is going on is always good.
If you liked my chart please show some form of support so I keep going.
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Chart zoom in on daily TF, note that BITSTAMP and BITFINEX have a big spread on their quotes. Market already got a hit into circle fib 1.0 but it can do it twice later so you can buy some here and rest later or whatever your sizing and risk management tells you to do:
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Falling knife closing on 4.3K:
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Now is it the bottom, can I buy now ?
I used the std fibonacci projection from 0.236 to 0.0 to find 4.3K on BITSTAMP (4.4K on finex) now I expect some bouncing, It could be a reversal from the very bottom or just a dead cat.
Note that at first sight I couldn't find the 0.5 projection to reproduce exactly the crash of 2015 but now, after zoom to Daily TF, 0.5 spot is clear going to 3.1K, so just use your risk management with or without trailling stops to make more money than loose, here is the chart using the same 0.5 projection like 2015:
I used the std fibonacci projection from 0.236 to 0.0 to find 4.3K on BITSTAMP (4.4K on finex) now I expect some bouncing, It could be a reversal from the very bottom or just a dead cat.
Note that at first sight I couldn't find the 0.5 projection to reproduce exactly the crash of 2015 but now, after zoom to Daily TF, 0.5 spot is clear going to 3.1K, so just use your risk management with or without trailling stops to make more money than loose, here is the chart using the same 0.5 projection like 2015:
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We got a perfect bottom at 3.1K with market now at 3.6K, updates on other new ideas.
