Re: Calling top at $16500 (NEW 17th Jan: $4,100 bottom called)
Looks like there is a support (sort of) right now at $6,000, let's see if it lasts as long as the previous support at $7,500.
It has a little bit bounced back up to $6150 but this is exactly what happened few days ago.
What's strange is that everything is down, crypto currencies but also Wall Street?
Where's the money going right now? Gold?
It has a little bit bounced back up to $6150 but this is exactly what happened few days ago.
What's strange is that everything is down, crypto currencies but also Wall Street?
Where's the money going right now? Gold?
Yes support at ~$6000! This is eerily the same as first bounce from MtGox (around 68% - fibonacci anyone
). Which inevitably begs the question what what that Goxtrapolate to...
So here we have the gox collapse in broad strokes with the lower highs and lower lows to the bottom.
Assuming the initial sell-offs are correlated in magnitude, we can see that this market is playing out slower - expected as its bigger. Approx 2.8 times slower to be exact.
If we plug the % moves, and the duration (x2.83) into the current ATH we get a *very* simplistic picture of what would happen if this plays out like gox.
Note: I don't think it necessarily will, but I have been thinking $4100 for the absolute long term bottom was looking a bit optimistic considering how for this first move went.
Dat bounce. Not even sure its gonna wait until April
(seriously though, I don't think the road back to 16k is going to be painless, think it will be pretty noisy but the uptrend will seem clear on reflection)
You gotta ask yourself, why on earth would this "BCH shill" buy BTC