How much havoc can a pair of twins create in their lifetime? First they unleashed Zuckerberg on the world, got pissy about it, and now this. Then there is the SEC trying to protect us from ourselves. What right do they have to even pass judgement?
The answers lay somewhere in the "Panic Zone". (channelling Rod Serling).
Serious trend break. I warned you all a week ago. Then I warned you again.
This market funk is not over. There will be a pull back to the secondary trend and then a test of that too. We might get all the way down to $800 where the major 2 year trend is. Meanwhile expect a lot of yo-yo bouncing. This is good stuff. We need a pull back handle to form on that giant cup formation. Kind of like compacting a coiled spring. The target launch for the Bitcoin hyper breakout, THE COSMIC EVENT, is now established. A breakout above $1340 is the launch point. The SEC and the PBoC are not capable of stopping this. I have talked about "when" in previous releases of "The Panic Zone".
I haven't talked about the Bitcoin market PANIC ZONE in quite a while. It starts at the $560. I've noted this on the chart but you probably thought it was my trademark. It's the zone where all the Adrenalin/Testosterone infested 15 year olds can't take the pain anymore and throw in the towel to create a capitulation bottom. A break through the first layer, $475 to $560, ignites the PANIC and the bottom target becomes $330. We're a great distance from this but I though I would just point it out to be thorough. The last capitulation bottom was at $130 from a $1200 top. Who says it can't happen again.
I'm keeping my gunpowder dry. Probably will use some of it at $900 and a lot more of it at $800.
I see short term support at $1200,$1150,$1100,$1030 and long term support at $1200, $1100, $1000. $1000 is the Chinese support line if that breaks then a pull back to $800.
investigator
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Click the update button in the middle right side of graph. Now you can see that the crash through top trend support has gone back up and settled above the top trend line. This may be temporary as the trend was established by ETF anticipation and the ETF has failed. The crash was a close to 2M sell by some big investor(s probably just one and I bet their name starts with W) dumping asset that will no longer be needed for the ETF. They chose to get out early at inflated prices but with a market sell there was not enough liquidity to handle that large of a dump. The market sell is over and the small investors have moved in at what they think are cheap prices. The trend is over and a failure to reach $1340 will become apparent. There will be another trend line test and it will fail because the reason for the trend no longer exists. A second more permanent crash is highly likely. If you got in cheap, I would start taking down profits now. I hate to be negative. I really want to see THE COSMIC EVENT. This is just not the time.