POSSIBLE SLINGSHOT BITCOIN CRASH AHEAD

anonymint (65)in #trading • 6 years ago (edited)

Possible crash to $3500 (or even $1275!) ahead with a V bottom quickly slingshotting back to new ATHs within a short period of time.

Details here with charts.

_{(also click “View the direct parent” there for prior discussion including analysis of the recent US Senate hearing on cryptocurrency regulation and ICO crackdown coming).}

Also this chart from zerohedge:

click to zoom

_{Btw, the above chart is misrepresenting the crash from 2011-06-09 to 2011-10-20 as shown on 99bitcoins.com from $29.58 to $2.31 in 133 days, thus -78%. Actually I think the intraday peak was above $32 and bottom closer to $2.10, so another 80+% crash (roughly about -94%).}

#bitcoin #money #cryptocurrency

6 years ago in #trading by anonymint (65)

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anonymint (65) 6 years ago (edited)

My interpretation is that if we don’t break up out of the (what is normally eventually a bullish chart pattern) declining wedge now, then crash imminent, but more likely we break out up to the overhead white line resistance which ranges from $9 – $13k (from whence the crash could proceed towards $3500 or $1275), depending how quickly we bounce to up there:

click to enlarge

So then if we do break out up over the middle declining white line, then we’re in a bearish funnel (megaphone) pattern and that said middle line could become support on the crash, so that projects to $3500 by mid-march and $1275 by end of March. This seems to perhaps coincide with potential timings for the bottom of the DJIA in his new $750 2018 Share Market Report entitled “NYSE - Boom or Bust?”. Note I haven’t read that report, but will do so within next 24 hours or so.

The analysis in Bullish Signals Above $8K, But Has Bitcoin Turned the Corner? is congruent with my interpretation.

Also others such as How bitcoin's plunge may have been a precursor to market turmoil are noticing the correlation of all risks assets taking a dive at this juncture.

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3 votes

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mrosenquist (69) 6 years ago

A volatile situation.

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1 vote

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salyannur (47) 6 years ago

thanks the post your, do not forget upvote me @salyannur

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1 vote

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wekkel (51) 6 years ago

Hi anonymint. It wont be the first time that you will be proven right. Buy orders are set, just in case.

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1 vote

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anonymint (65) 6 years ago (edited)

If you review my linked comments going back to the day of the drop to $5850 (on Kraken), I was leaning towards we had already bottomed. But taking into account Armstrong’s analysis and the point about the panic cycle we’re in 2018 due to chaos the Trump tax plan is causing worldwide, and the rising interest rates in the USA, then I became more convinced that everything is aligned for SLINGSHOT crash of stock markets, precious metals, and cryptocurrency.

View the log chart in the comments I linked:

The pattern of 2011 and now are exactly the same, except for the less steep slope of the rise, but the slope of crash underway is the same. The price crashed 94% in 2011! Also the prior peak in 2013 and the second blue arrow drawn on the above chart align horizontally at ~$1275 for a -94% collapse where the current crash would likely meet the bottom blue line! Holy shit!

We’re apparently in the same 83 – 94% severe correction we periodically get in Bitcoin, but instead of being dragged out over a long-period of time, we’re likely to be back to ATHs before the end of the year.

Armstrong makes a very good point in his instructional video about the SLINGSHOT, that is what happens during a period of panic amplified with uncertainty; and it slaughters the majority in two directions by whipsawing them to the upside, then the downside, and then back to ATHs again. The majority are going to be like deer in the headlights. Get all your cash ready for $3500!

OTOH, there’s still a possibility we’ve bottom already at $5850, but I’m leaning 70 – 80% towards not:

In fact, demeanor is a significant reason I don’t think we’ve bottomed yet. There’s far too much optimism still. A bottom comes when everyone becomes very pessimistic. The fact that the shitcoins are leading Bitcoin is very weird and perhaps very ominous because it means no one believes this crash is going to last very long or go very deep enough to turn away the flood of the masses and institutional investors coming into cryptocurrency.

_{Btw, I’m banned at BCT and don’t feel like signing up a sockpuppet account to evade the inane moderators. If anyone would like to post a link to this at the Martin Armstrong thread there, so OROBTC et al will be notified, that’d be helpful to him perhaps.}

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2 votes

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