Hi guys!
I think the 10k that everyone is talking about, might not gonna be reached before a major correction. Or if we do hit the bears gonna step in immediately. Why I think that?
If you look the 2015 chart when the bear market ended, the first parabolic move took us to 500 USD. It is very similar to 10k because it is a big psycholgical level and also a round number. We can also notice another similar thing. The 500 USD is very near to the 0.382 fib level. We are also very near to the 0.382 fibb right now.
So we are at the exact same fibb level, and we are also at a key price level. As you can see after the price hit 500 usd it crashed 40%. It could happen this time too.
Leave a comment and share your thoughts with me.
If you liked the analysis please leave a like!
***It is not a financial advice, It is only my own opinion.***
I think the 10k that everyone is talking about, might not gonna be reached before a major correction. Or if we do hit the bears gonna step in immediately. Why I think that?
If you look the 2015 chart when the bear market ended, the first parabolic move took us to 500 USD. It is very similar to 10k because it is a big psycholgical level and also a round number. We can also notice another similar thing. The 500 USD is very near to the 0.382 fib level. We are also very near to the 0.382 fibb right now.
So we are at the exact same fibb level, and we are also at a key price level. As you can see after the price hit 500 usd it crashed 40%. It could happen this time too.
Leave a comment and share your thoughts with me.
If you liked the analysis please leave a like!
***It is not a financial advice, It is only my own opinion.***
Comment:
Looks like fomo is bigger than I expected, but I really do think that we do not have much room upwards. I am looking for a retest at the 10.5k level as a support, if it holds strong, maybe we could see further movement to the next fibb level up to 11.5k.