Last crash was right on the 50% fib retrace, around 10+(410-10)x0.5=210. I'll be looking buy in at the next fib retrace down, which is around 10+(410-10)x0.382 = 163!
Another scenario is that 210 was the real bottom, and this next one won't be lower. In this case I'd be looking for fib retrace levels between that low and the recent high. In bitfinex, this means between 204 and 318. The 50% retrace would be at 261. But looks like we've just gone below that!
So, next one down is 63.8% which would mean: 247. I think there's actually some chance we could bounce here.
Next one down is 78.6% which would mean: 231. Again, possible.
Next one down is the 100% retrace, for a double bottom, therefore 204.
But I'm always a skeptic about double bottoms.
Therefore my guess is that if it doesn't bounce at either 247 or 231 (on bitfinex), we're probably heading for 160 area!! However, if we did hit 160 area i think we'd be expecting huge a bounce back (again) and therefore a great trading opportunity to make money :)
It's very difficult / complete impossible ;) to figure out if we've reached a bottom until it starts going up again, or a top until it starts going down. Your guess is as good as mine :). But yeah waiting for double bottom/higher bottom or double top/lower top resp. Is often a good strategy which sometimes works.
follow me and upvote my content and reply to this comment so i can do the same, thanks!!
I'll be picking some up at the hard support around $220!
Last crash was right on the 50% fib retrace, around 10+(410-10)x0.5=210. I'll be looking buy in at the next fib retrace down, which is around 10+(410-10)x0.382 = 163!
That's the kind of news I like hearing!
Even better entrance point! Thanks for the info, I'll be watching the charts very closely the next few days.
Another scenario is that 210 was the real bottom, and this next one won't be lower. In this case I'd be looking for fib retrace levels between that low and the recent high. In bitfinex, this means between 204 and 318. The 50% retrace would be at 261. But looks like we've just gone below that!
So, next one down is 63.8% which would mean: 247. I think there's actually some chance we could bounce here.
Next one down is 78.6% which would mean: 231. Again, possible.
Next one down is the 100% retrace, for a double bottom, therefore 204.
But I'm always a skeptic about double bottoms.
Therefore my guess is that if it doesn't bounce at either 247 or 231 (on bitfinex), we're probably heading for 160 area!! However, if we did hit 160 area i think we'd be expecting huge a bounce back (again) and therefore a great trading opportunity to make money :)
Should probably wait for a double bounce before entering, yes? Its at $255, so we are approaching that $247 mark.
It's very difficult / complete impossible ;) to figure out if we've reached a bottom until it starts going up again, or a top until it starts going down. Your guess is as good as mine :). But yeah waiting for double bottom/higher bottom or double top/lower top resp. Is often a good strategy which sometimes works.
Well of course, no one knows for sure. Cheers mate and I hope you make lots of profit!
Cheers :)
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