All right it seems what I was afraid of happened.
There are two possible targets that BTC may fall down to
One is 3650-3700 area. This the bottom of a longer term trend on weekly basis.(1)
And other target is 3.457 target where the neckline of this head and shoulders pattern started to form. (2)
My take , and wish is 3650, asI have previously stated in my pervious analysis.
The market started to be a bit oversold, but markets can stay oversold for days and still stay oversold .
But the market is oversold , my concern is that although it is oversold, we see continuous selling ongoing bur not turning into a nice wash out session.
As we reach to that bottom wash out session, we can not find the bottom.
I am still bullish , I still believe Cyrptocurrencies are here to stay, and probably we are exaggerating the FUD from China, in the end China's overall participation in overall turnover in cyrptos is %15, thats all.
China could totally ban and be totally out of play, we would still have the rest of the world.
I am bullish on on Cyrptos on long term, I will be looking to find some extra money to put in while we are doing this nasty correction.
I am also a bit happy that, this nasty sell of throwing out , only happy when market's up type guys.
Please comment what you think?
There are two possible targets that BTC may fall down to
One is 3650-3700 area. This the bottom of a longer term trend on weekly basis.(1)
And other target is 3.457 target where the neckline of this head and shoulders pattern started to form. (2)
My take , and wish is 3650, asI have previously stated in my pervious analysis.
The market started to be a bit oversold, but markets can stay oversold for days and still stay oversold .
But the market is oversold , my concern is that although it is oversold, we see continuous selling ongoing bur not turning into a nice wash out session.
As we reach to that bottom wash out session, we can not find the bottom.
I am still bullish , I still believe Cyrptocurrencies are here to stay, and probably we are exaggerating the FUD from China, in the end China's overall participation in overall turnover in cyrptos is %15, thats all.
China could totally ban and be totally out of play, we would still have the rest of the world.
I am bullish on on Cyrptos on long term, I will be looking to find some extra money to put in while we are doing this nasty correction.
I am also a bit happy that, this nasty sell of throwing out , only happy when market's up type guys.
Please comment what you think?
So it is not 3650-3.700 ---- but 3570 :( Sorry for that , working from a saved chart, somehow it moved away