BTC NOT PLUMMETING BUT REVERSING TO THE MEAN
The "news" media are going NUTS about Bitcoin dropping today! But we know that this is probably NOT a "crash" but most likely a REVERSION to the MEAN! In other words, the bitcoin "elastic band" has been stretched too far, and it is now snapping back to its normal state! Look for the 55 and 100 moving averages (see the chart) as the "floor" for now. These levels will PROBABLY hold and we should see a bounce soon.
Also I used a 150 day, simply because it seems price action has reacted reliably to it over the long term. That target comes in around $8k. Chart above . Not a trading recommendation.
However, given the mass euphoria of the market, combined with some reliable Elliott Wave counts I've seen; I think this market needs a time correction. At least a few months of flat/grinding, maybe longer.
There's still too many bulls BTFD'ing this drop. Complacency. We may go steeper than $8k, or wear the bulls out with time. Above all else I just don't know so I haven't and am not participating. But that's the best analysis I can muster up.
Sellers are in control, the 2-month parabolic Uptrend has ended and is transitioning to a downtrend on the Daily chart.
Price would retest the green zone at 15,000 to 17,000 before going down further the purple zone at 8,000 to 7,000.
Weekly Uptrend is still intact (purple zone) where buyers would likely come in and push the prices up again to come and test previous highs.
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Great job
Nice post and analysis 👏
THAnk you
Nice one @florae
Thank you
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This post has received a 0.14 % upvote from @drotto thanks to: @banjo.
cool post bt i think bitcoin has already reached its full potential
Bitcoin has reached its peak. Time for others to catch up
Very nice work
Thank you
Nice write up, keep it up.
Thank you for this