Hello everybody!
People are trying to guess where is the final point of the current market dump
I have a theory why bitcoin will go down to 5000-4800 levels, I'll try to explain my theory. It based on some observations of past markets
1)
First of all, let's compare Market Cycle graph, Chart BTCUSD 2013-2015, and the current chart. I made an image,
https://imgur.com/a/dKBcQ1H As you can see, a lot of similar points and in general they are VERY SIMILAR
So, Capitulation phase is higher then Anger, Anger is higher then Depression
That's why I can easily imagine, that the price will go below 6000
UPD: 1a) also found GOLD chart —
https://imgur.com/a/k6AzZPc — looks also familiar, right?
2)
Recently I found very interesting graphics, based on comparison of the current price chart and Wyckoff charts
https://imgur.com/a/opLle8OThis is the second reason why the price can go below 6k
3)
So, where it will stop exactly?
I think, we should keep in mind an area 5000-4800, because this is strong support level and also global 0,236 fib level, what makes it even more powerful
https://www.tradingview.com/x/Ml9uJDfU/I think this could be the final destination
UPD: 4)
https://i.imgur.com/kUyjTO1.png. 80% downtrend is about 4k even..
Of course, this is nothing more than theory. But I hope that was at least interesting.
If you found his post interesting, I will be really appreciated for
+merit. Have good profits!
Actually the repetition of fluctuations of bitcoin price every year. But it's happening in alternative manner. Last year the price of bitcoin had increased the maximum price. Now the the price of bitcoin is moving in a negative fluctuations. Hope this is not a permanent one, if so many will lose their investment. The people who want to get the money out from cryptocurrency will get some loss.