^ 34k is holding so far. There were two strong bounces when it dropped to that level, a tad below that level...
So much for that eh?
Lol. Yup... Sucks. And it seems like it’s consolidating right now for another run or getting ready for another sell down. I guess it’s one of those things when nobody knows where the market is going and what it’s gonna do. It’s better to be in the side lines... But for degens, alt season looks like it’s happening tho.
It's a very tense situation indeed!
I'll note that two analysts I highly respect are incredibly bearish on BTC right now. Both Masterluc and dmwardjr are eyeing the $20-22K area for a bottom! A 50% correction would be significantly harsher than the 30-40% correction I'd been expecting. I'm tempted to play the contrarian, but they're also making me question my bias that the upper $20Ks are the ultimate low.
Current daily alarming signals - MasterlucHere's a look at the Weekly Time Frame:
I do see this bearish possibility, Wave C as an ending diagonal:
As I've said in the past though, I believe a bull market correction in this position would be limited to 42% maximum. This channel seems to imply the same. It's tough to see much lower than $25K.
A 50% crash would imply a mid-term (like summer 2013), if not long term bear market.
The ETHBTC breakout ~ 0.0405 was tested as support and is comfortably holding intraday. That makes me think, if BTCUSD has not bottomed out yet, that we may be looking at a January 2017 situation: BTC down, ETH up. Given the epic nature of that multi-year inverse H&S breakout on ETHBTC, I guess it makes sense.