BitcoinShort
30% Drop is possible
Looking at the weekly chart, I have noticed that with each parabolic run to ATHs, bitcoin pulls back at least 30%. Mid Jun 2017, we saw a run then a pull back of 40%, another 40% late August 2017, again mid November 2017 (35%) and by the end of 2017, another 40% before the bear market initiated.
Analysts have been anticipating this break down for a while after a couple weeks of indecision and sideways trading. In my previous idea, I was way too early to jump on the candle close below the 4hr EMA ribbon, but now that there has been confirmation, we have already seen a 6% drop today. Price target will be at low 17k.
Analysts have been anticipating this break down for a while after a couple weeks of indecision and sideways trading. In my previous idea, I was way too early to jump on the candle close below the 4hr EMA ribbon, but now that there has been confirmation, we have already seen a 6% drop today. Price target will be at low 17k.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.