Bitcoin 'history repeats', will 40% drop theory work again?
Updated
We have experienced 40% drop twice, the first one took 36 bars, the second one took almost half that due to China Banning Bitcoin news and Jimie Dimon's comment which obviously is abnormal and technically we should apply some adjustment on that. As of now I am assuming that we will see the price plummets to 4400~4700 range with correctional Elliot wave ABC count. RSIs are sky high across higher time frames and we just saw 'shooting star' candle stick on 4H chart, only market will tell but since I've nailed it last time, I'm pretty confident on this one.
Trade active
Price starts dropping already, even before the monday session open in Japan... hmmmmmmmmmmm..........Trade active
time for bloody REDTrade active
7000 broken, so far so goodTrade closed manually
Closed short at $7100.bfxdata shows short squeeze here. If that's the case we have target at somewhere around $8660
Trade active
Was able to catch the leg down yesterday, expecting further down but RSI is showing oversold condition across all major time frame. Targets remains the same.Trade closed: target reached
Wave A TARGET HIT!!! Time for wave C!!!
Trade closed manually
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.