Too many analyses in TV that just make my head spin. I see for the most part where some of these TAs build their basis/assumptions from, but I think it starts getting too complex too quickly. I don't care about the "double inverted triple cheeseburger Lambo 7-wave pattern" that appeared one or two times on a chart that you saw earlier. I'm just going to keep it simple with Fibs. There are three scenarios, one of which is a faux-scenario to illustrate a little better what I'm getting at. It isn't 'touching' $3K and then immediately taking off to infinity bajillion dollars.
Just step back and ask yourself what seems to make the most sense of the three scenarios. For the people that think $3,000 is the absolute bottom , I'd counter that compare those yellow fib lines to the green ($1,800) scenario and look at where we saw a more consistent resistance. That bottom sideways trading pattern that happened from Aug-early Nov? It acted as a major downward support. And then I put the potential $1,300 scenario in there just for the sake of comparison; I think it's possible but unlikely once you get into the sub-$2k range.
But who knows, the whole thing could go to zero. That's a speculative market for you, its the Wild West.
Trade safe!
(INSERT SHILL COMMENTS BELOW)
Just step back and ask yourself what seems to make the most sense of the three scenarios. For the people that think $3,000 is the absolute bottom , I'd counter that compare those yellow fib lines to the green ($1,800) scenario and look at where we saw a more consistent resistance. That bottom sideways trading pattern that happened from Aug-early Nov? It acted as a major downward support. And then I put the potential $1,300 scenario in there just for the sake of comparison; I think it's possible but unlikely once you get into the sub-$2k range.
But who knows, the whole thing could go to zero. That's a speculative market for you, its the Wild West.
Trade safe!
(INSERT SHILL COMMENTS BELOW)