Hello again welcome back with me..
I found this pattern repeating on the bitcoin correction from the peak.
In my opinion, bitcoin correction should be longer than the previous one, and here is my analysis...
The first top happened on 6th June 11 at 31.90 and then corrected to 2.01 on 14 November 11, its approximately about 161 Days. I use Fibonacci Extension to measure the bottom, and it went to 0.382 extension.
Second top happened on 25 November 13 at 1177.19 and then corrected to 163.88 on 12 January 15, its approximately about 413 Days. I use Fibonacci Extension to measure the bottom, and it went perfectly to 0.618 extension.
And the last top was on 11 December 2017 at 19764.51 and then corrected, but here is the thing, to reach the bottom bitcoin should be taking longer than 413 Days. Bitcoin corrected to 3100 area for approximately 364 Days, shorter than the previous correction. This indicate that bitcoin still not reach the bottom yet. Do you believe it? I don't think so, same like the majority people think. :)
So, this is the beginning of the second down to the real bottom, I use Fibonacci Extension again then I got the perfect one 0.786 extension. Hmm, seems like impossible? First dip 0.382, second 0.618, third 0.786. Yes, 0.786 extension to 770.
Thanks for reading.. Safe Trade :)
I found this pattern repeating on the bitcoin correction from the peak.
In my opinion, bitcoin correction should be longer than the previous one, and here is my analysis...
The first top happened on 6th June 11 at 31.90 and then corrected to 2.01 on 14 November 11, its approximately about 161 Days. I use Fibonacci Extension to measure the bottom, and it went to 0.382 extension.
Second top happened on 25 November 13 at 1177.19 and then corrected to 163.88 on 12 January 15, its approximately about 413 Days. I use Fibonacci Extension to measure the bottom, and it went perfectly to 0.618 extension.
And the last top was on 11 December 2017 at 19764.51 and then corrected, but here is the thing, to reach the bottom bitcoin should be taking longer than 413 Days. Bitcoin corrected to 3100 area for approximately 364 Days, shorter than the previous correction. This indicate that bitcoin still not reach the bottom yet. Do you believe it? I don't think so, same like the majority people think. :)
So, this is the beginning of the second down to the real bottom, I use Fibonacci Extension again then I got the perfect one 0.786 extension. Hmm, seems like impossible? First dip 0.382, second 0.618, third 0.786. Yes, 0.786 extension to 770.
Thanks for reading.. Safe Trade :)