In 2014 there was a bearish crossover of the 128 EMA over the 200 EMA on the daily time frame on 2014-9-17
When that happened in 2014, the price went down by 15% to 381.5 within the next two days and it dropped 27% from there to 275 the next two/three weeks and whopping 38% drop from there to bring it to around 166.5 the next 3/4 months
I am not going to give support levels quite yet because we have not had this crossover yet but I am very confident that this is going to happen as we are in a bear trend and we just broke bearish on the symmetrical triangle so may figure out when it happens cross checking the previous resistance and support levels as well as fib retracements and historic price from the moving averages and paint a pretty good picture.
I believe that is about to happen here in 2018 and I made a previous post about the price breaking the 50 week SMA recently and explaining very general quasi or pseudo support levels to watch out for (I believe those are going to get broken) this is somewhat of an update to those levels however trying to see things from different lenses looking out at different indicators and trying to look back at what history did. That's the thing about this market, it's brand spankin' new, only been out for about 10 years.
Thanks for checking this out and I hope you all have a great day!
Best,
Brendan
When that happened in 2014, the price went down by 15% to 381.5 within the next two days and it dropped 27% from there to 275 the next two/three weeks and whopping 38% drop from there to bring it to around 166.5 the next 3/4 months
I am not going to give support levels quite yet because we have not had this crossover yet but I am very confident that this is going to happen as we are in a bear trend and we just broke bearish on the symmetrical triangle so may figure out when it happens cross checking the previous resistance and support levels as well as fib retracements and historic price from the moving averages and paint a pretty good picture.
I believe that is about to happen here in 2018 and I made a previous post about the price breaking the 50 week SMA recently and explaining very general quasi or pseudo support levels to watch out for (I believe those are going to get broken) this is somewhat of an update to those levels however trying to see things from different lenses looking out at different indicators and trying to look back at what history did. That's the thing about this market, it's brand spankin' new, only been out for about 10 years.
Thanks for checking this out and I hope you all have a great day!
Best,
Brendan
