This idea is valid if and only if these conditions are satisfied:
1. Bitcoin gets rejected at its downtrend line
2. A death cross of the 50 and 200 day smooth moving averages occurs
3. Bitcoin breaks its neckline and finds support on the bottom blue line
4. DGB breaks its neckline and plays follow the leader until it reaches the intersection of its descending broadening wedge and a historical support (previous resistance dating back to 11/2015)
Notice how the timing of DGB's fall closely aligns with the end of BTC's ABC correction.
I used the same ratio of decline from the head of DGB to its neckline in going from the neckline to its final destination (~ .003). I couldn't use the height from the head to the neckline (which represents the difference in price) in going from the neckline to its final destination. The reason for this is that it would yield a negative price which would be a bogus conclusion.
DGB's price drops about ten times in value from the head to the center of the neckline. Likewise, the price from the neckline to the final destination drops about ten times in value.
Keep in mind that this is a log chart so the length of the arrows won't match though they are mathematically equivalent.
Lastly, this post (and any other post) is an experiment to see how the price behaves. It is not investment advice.
1. Bitcoin gets rejected at its downtrend line
2. A death cross of the 50 and 200 day smooth moving averages occurs
3. Bitcoin breaks its neckline and finds support on the bottom blue line
4. DGB breaks its neckline and plays follow the leader until it reaches the intersection of its descending broadening wedge and a historical support (previous resistance dating back to 11/2015)
Notice how the timing of DGB's fall closely aligns with the end of BTC's ABC correction.
I used the same ratio of decline from the head of DGB to its neckline in going from the neckline to its final destination (~ .003). I couldn't use the height from the head to the neckline (which represents the difference in price) in going from the neckline to its final destination. The reason for this is that it would yield a negative price which would be a bogus conclusion.
DGB's price drops about ten times in value from the head to the center of the neckline. Likewise, the price from the neckline to the final destination drops about ten times in value.
Keep in mind that this is a log chart so the length of the arrows won't match though they are mathematically equivalent.
Lastly, this post (and any other post) is an experiment to see how the price behaves. It is not investment advice.
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If this BTC idea plays out then the alts will get slaughtered:
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BTC buy zone based on Fibonacci levels: $4,384 - $1,819
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BTC bullish pennant scenario:
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Questions for your consideration regarding Bitcoin:
