Bitcoin - Huge Correlation - IS HISTORY REPEATING ITSELF?
Take a look at the two green boxes and note the crazy level correlation. BTC has basically been following the EXACT same pattern it did in August.
To do some simple maths, the green box on the left is 15 days wide, and the green box on the right is 40 days wide, so the pattern has been playing out approx 2.66X slower this time.
In August the area of the pattern we're currently at was the PEAK, and within 5 days we corrected down from 4464 to 3608. (Approx a 20% correction... nothing dramatic)
Since the pattern playing out 2.66X slower, that means there's a very good chance that in approximately 13 days from today we'll be at the bottom of the correction.
Back in August the second dip had a lower low then the first dip... so the recent first dip that we had took BTC down to 5529...
So perhaps the second dip this time will take us to the 4900-5100 range like so many people were recently predicting?
To do some simple maths, the green box on the left is 15 days wide, and the green box on the right is 40 days wide, so the pattern has been playing out approx 2.66X slower this time.
In August the area of the pattern we're currently at was the PEAK, and within 5 days we corrected down from 4464 to 3608. (Approx a 20% correction... nothing dramatic)
Since the pattern playing out 2.66X slower, that means there's a very good chance that in approximately 13 days from today we'll be at the bottom of the correction.
Back in August the second dip had a lower low then the first dip... so the recent first dip that we had took BTC down to 5529...
So perhaps the second dip this time will take us to the 4900-5100 range like so many people were recently predicting?
Trade active:
The first stage of the dip has begun, this should take us back to around 7200... and take BCH to 1300+
PS. Riding the inverse correlation between BTC and BCH is my one and only play for this BTC dip.
PS. Riding the inverse correlation between BTC and BCH is my one and only play for this BTC dip.
Comment:
Whoops, what I meant to say was this should take us back to around 7600 BTC... and take BCH to 1300
Comment:
BTC briefly touched $7997USD, I suspect that's the highest we'll see it for a while.
Trade active:
If the pattern stays true we have 1.5 to 2 weeks of dips and sideways price action with a flash crash at the end.
Meanwhile BCH will moon. Enjoy your profits.
I've been in BCH since it was at $860 this morning but I think anything under $1400 is a good buy.
Meanwhile BCH will moon. Enjoy your profits.
I've been in BCH since it was at $860 this morning but I think anything under $1400 is a good buy.
We corrected much deeper this time on the first dip (.382 level) then back in August (.618)
Does that mean we don't need another correction this time, or does it mean we can expect an even deeper correction to .236 (5060)
I'd definitely lean towards the deeper correction to 5060... but I know there's some BTC bulls out there that would never want to believe this could happen just 13 days or so from now.