Bubble is bursting, how far will it go?
Updated
When looking to figure out where the price is going for any asset, it's important to know the market as a whole and the general direction. I've created in this example my own composite of what I define as the market. As you can see, we are very much on our way down the bubble bursting cycle and the decline is as symmetrical as the incline. Most likely this fall won't slow down until the price drops another 15-20% down from where we are today. There is no bottom in sight.
There will be momentary bullish runs. For example from today's fall in BTC, there are supply and demand gaps that indicate a bullish pullback is likely to balance out the offset in the sudden increase of supply (Lime colored line on this chart). However, the market tilt is very much to the downside. Once this gap is filled, the price will continue to fall down. Highest likelihood is for price to come back down close test the lowest lows.
ibb.co/LS9t5sx
There will be momentary bullish runs. For example from today's fall in BTC, there are supply and demand gaps that indicate a bullish pullback is likely to balance out the offset in the sudden increase of supply (Lime colored line on this chart). However, the market tilt is very much to the downside. Once this gap is filled, the price will continue to fall down. Highest likelihood is for price to come back down close test the lowest lows.
ibb.co/LS9t5sx
Note
I just wanted to make a quick note that the middle purple trend line is from the log-based chart. So it's possible for the price to bounce from there. If the FED takes their foot off the gas, I think we could see a reversion here.
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