Long time since my dip prediction, it is finally here. I didn't have too much time to trade lately, not to say posting any idea, but here it is.
We had a nasty impulse down breaking all supports. Fib circles tried to sustain us but failed; most probably due to the BCH-BSV fork in the conditions of the bear market.
What I think is that we are now trying to find support on an old Fib circle, building wave 4 of the down impulse. Stochastic RSI is on maximum on the daily and 2h charts, indicating that a new bear cycle should start soon. Wave 5 should normally have the same length as wave 1, sending us to $3100 where the long time black and magenta downtrend lines should finally act as support using the big magenta Fib circle that should trigger the retrace up. Very old supports should also stop us around there. Fib circles should then propel us up in a Christmas rally, but hard to predict how much.
It is also possible to have an extended 5th wave and go lower, but not so likely IMHO. Altcoins, especially ETH, are also near historical supports. Therefore I think we are near the minimum prices that we might get for some years from now on; ideal time to accumulate even if on short time we might go lower. Also good for altcoins. Particularly I put an eye on XLM, which tends to increase against ETH and BTC; might be a good trade to try.
That being said, I'll probably be absent for some time again, many things to do for the end of the year. Please note that what I write here are personal opinions, not trading indications.
Good luck trading everyone!
We had a nasty impulse down breaking all supports. Fib circles tried to sustain us but failed; most probably due to the BCH-BSV fork in the conditions of the bear market.
What I think is that we are now trying to find support on an old Fib circle, building wave 4 of the down impulse. Stochastic RSI is on maximum on the daily and 2h charts, indicating that a new bear cycle should start soon. Wave 5 should normally have the same length as wave 1, sending us to $3100 where the long time black and magenta downtrend lines should finally act as support using the big magenta Fib circle that should trigger the retrace up. Very old supports should also stop us around there. Fib circles should then propel us up in a Christmas rally, but hard to predict how much.
It is also possible to have an extended 5th wave and go lower, but not so likely IMHO. Altcoins, especially ETH, are also near historical supports. Therefore I think we are near the minimum prices that we might get for some years from now on; ideal time to accumulate even if on short time we might go lower. Also good for altcoins. Particularly I put an eye on XLM, which tends to increase against ETH and BTC; might be a good trade to try.
That being said, I'll probably be absent for some time again, many things to do for the end of the year. Please note that what I write here are personal opinions, not trading indications.
Good luck trading everyone!
But after all this time and no change to my map, finally BTC seems to have found support on my last Fibonacci circle and it is following it up. Let's see if it can break up the wedge again :)
Still not too much time to analyze/trade, but things seem to go on slowly; not sure the bear market is over yet...