=> Here we can see the downtrend has broken its year-long consolidation. => For those in Elliot wave this appears to be an ABC correction since December last year. => Eyeballing the lows of $3,000 for support, in particular I like $3,100. This ABC can extend as low as $2,294 - $2,300. => To put it simply, there is no point in trying to catch a knife here as the correction does not look done .... yet.
It may go as low as 2300 if panic selling accumulated once it breaks 3000, but according to the 2014/ 2015 bear cycle the bottom is within 2600 - 2800. Right now the Channel Down is aiming at 2800:
I agree, here is my chart on the 30 minute,
and the same pattern was correct earlier,
Je_Buurman
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breaking the downtrend is actually good (imo) means we are almost done, happened that way every previous bullrun upto now.
AlexKuptsikevich
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As I said 12 days ago, we are rolling down to collapse by BTC)) Now I'm out of market... Because it is worth to pay attention to how the market players behave near $3500. Now I think like this:
Do you agree?
Netromforlife
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@AlexKuptsikevich,You're chart doesn't say anything.. please stop spamming every chat.
AlexKuptsikevich
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@Netromforlife, if you click the chart, you will see the explanation. It is no other way to share the idea with others for the newbies... If I stop posting it in the comments, practically nobody will see it, and my aim is to share my thoughts. Most of the authors are here because of that: to take a look and to give own view.
UnknownUnicorn2825836
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If it goes below 3000 it becomes cheaper to buy bitcoin than to mine it. There is a clear bottom wall for price. The miners will buy bitcoin vs spend the money on electricity.