Drawn lines are not to scale! and shouldn't be used to estimate prices.
So I looked at every single major correction that happened to BTC in a log scale and interestingly all of them had a similar behavior:
1)Drop 2)Rebound 3)Stronger Drop
Technical analysis is all about possibilities, and this idea is one of the possibilities based on previous corrections. I know the majority are saying correction is over 30k$ here we come, which is one of the possibilities that I respect.
If it drops further we will be looking at something in the range of 5 to 8k$.
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If you look at Gdax you will see that a lot of whales are getting out of the market selling 100+BTC.
The reason why the price follows the pattern below:
1)Drop 2)Rebound 3)Strong Drop
Is because the rebound is called bull trap, and this is to convince people that the correction is over and make them buy back, while in reality its a chance for whales to sell all of their coins to us.
Again, this is just a possibility.
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Rebound in process
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Price will reach 16600$ before crashing. (just my prediction based on Jun 2015)
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Everything going according to plan still
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Everything is just what I expected exactly, lets see if it will keep going this way :) Next cycle will take us to a new all time high. However, for now a correction is needed to bring in new investors. Will keep you all informed with any changes to the plan.
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Get ready for it... Seat belts on :D These coming few days will be crazy!! (Crazy either way, like if it goes up, it will go to 25k$!!! and if it goes down, it will go to 5.6k$) Either way... its great!!
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I still believe in this idea..
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"Price will reach 16600$ before crashing. (just my prediction based on Jun 2015) "
Called it... Exactly following the idea.... When to buy? around 8k or 7k Could go down to 5700$... all depends on what will happen in the next few hours.
Why say you still believe in this idea? It has been done it's over now.
DCFreak
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@MrRenev, I believe that the main drop didn't happen yet, just as in previous corrections, you get multiple minor drops, then a major one.
This is just based on previous data. No MACD, FIB, Cloud or anything.
MrRenev
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@DCFreak, Ye can't tell, it kinda looks like it went back up then down and now we're in a new bull channel, but it also looks like what I consider the second top 16.3k the 27 december might not actually be it.
I hope you're wrong, OR we get to 18k before some correction down to 11k 10k or even 8k.
It also seems likely since everyone is euphoric and crazy (The binance "TRON" night when they were down for upgrades was completly insane), so maybe a major crash is bound to happen?
Many scenarios seem likely, this is hard.
I think we better off not taking big risks using careful stop losses and checking prices and strength regularly.
That said, looking forward to your next non-shitcoin idea.
dany6883
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you think is going to 7-8?
momoshu
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thank you.. I wish I follow you sooner.. Godspeed..
and take care..
I would sell a couple if I had the chance, but all my btc are in my wallet. I tried to send one btc to bittrex seven days ago and its still an unconfirmed transaction lol. Not going to risk having more stuck in space somewhere waiting for a transaction to go through. So will just hold through another storm...
DCFreak
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@hackthebull, Here is my advice. If BTC starts correcting, send your btc to bittrex and go to pushtx.btc.com and pay them 80ish$ to accelerate your transaction. Instead of 7 days they will include your tx in one of their blocks so you will get your BTC within couple of hours.
I have tested it myself with a transaction that took 11 hours but after paying it was received in 1 hr.
Good luck!
hackthebull
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@DCFreak, thanks I will have a go with that. Is that only for new transactions? What about the initial unconfirmed transaction? I was quoted 800 usd to 6,000 usd by a transaction accelerator (depending on how fast I wanted it to go through) haha. Its one btc. I guess I have to wait the 2 weeks or so until it finally gets kicked out of the mempool
DCFreak
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@hackthebull, btc.com accelerator works on any transaction no matter how old its. (as long as its in the chain)
BTC.com cost about 100$, 800 is really over priced.... BTC.com doesnt give you an option to choose how fast. its within 1 to 4 hours I believe no matter how much you pay.