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.
Hi sgbett,
I read your posts with attention.
A few questions:
- on the picture posted, you predict a price of circa 16k US dollars in April. While right now it seems very unlikely to see such price for the 1st of April, I am interested to know how did you get this price, and if you think it could be achieved in May instead?
- second question I have: you said several times "I am all BCH", well I have Bitcoin Cash myself and I am interested to hear your thoughts on how do you predict BCH to survive while BTC will die in the middle term (according to your posting here). All I see so far is BCH going down everytime BTC goes down (except for October last year).
Thanks for your input.