In the run up to the ATH of 19.6K-19.8K we had 10 strong corrections. Listed below:
1300 -- 32% 22D
1800 -- 15% 2D
2800 -- 34% 2D
3000 -- 38% 35D
4400 -- 19% 5D
5000 -- 40% 13D
8000 -- 30% 4D
11400 -- 21% 2D
16600 -- 24% 2D
TOP of 19600 -- 43% 5D
From Bitstamp taken from wick to wick of candles - max distance
So far we have only had 3
Each about 10% and only lasting 1-2 Days, being bought back up rapidly
As a result these last 3 Days of red have caused lots of panic as that rapid buy pack wasn't present - people fearing market death when some of the above corrections took above 5Days
The corrections allow liquidity to be hunted, allow more to enter the market at more attractive prices, causing price to move past the point of correction!
Lets see...
My Plays:
We have bounced from the 1.618 over that macro period
I want to see a close above the daily chart resistance of 33000 on the 4HR and 1D candles - if not I will be shorting as the correction will not be done
If the drops continues, bullish divergence on the 4HR or key levels such as 29100, 24400 maybe even 20000 will be where I long and that's where the run will continue
1300 -- 32% 22D
1800 -- 15% 2D
2800 -- 34% 2D
3000 -- 38% 35D
4400 -- 19% 5D
5000 -- 40% 13D
8000 -- 30% 4D
11400 -- 21% 2D
16600 -- 24% 2D
TOP of 19600 -- 43% 5D
From Bitstamp taken from wick to wick of candles - max distance
So far we have only had 3
Each about 10% and only lasting 1-2 Days, being bought back up rapidly
As a result these last 3 Days of red have caused lots of panic as that rapid buy pack wasn't present - people fearing market death when some of the above corrections took above 5Days
The corrections allow liquidity to be hunted, allow more to enter the market at more attractive prices, causing price to move past the point of correction!
Lets see...
My Plays:
We have bounced from the 1.618 over that macro period
I want to see a close above the daily chart resistance of 33000 on the 4HR and 1D candles - if not I will be shorting as the correction will not be done
If the drops continues, bullish divergence on the 4HR or key levels such as 29100, 24400 maybe even 20000 will be where I long and that's where the run will continue