Bitcoin -9.47% breaks through the major support line annotated previously threatening to change the momentum. Should every dip should lead to zero-valued BTC -9.47% , is a major question to ask ourselves. Here is my view also annotated on my blog.
IMPORTANT: There are two schools of thought, (1) Falling wedge since Dec 17, 2017, is continuing till today, (2) The bull-bear cycle has been completed & market is in consolidation. Facts & Figures: SCHOOL#1 (Price range 0 – ATH -2.70% ): Maximum retracement hasn’t been achieved. If so, then it can be either at Fib0.382 (7594, which has already been breached, a condition that has already been ruled out) or at Fib 0.236 (4690), a possibility. The mean of this school is 9940. SCHOOL#2 (Price range 6k to 11.7K): The previous retracement was at fib0.382 (8200). The mean of this school is fib0.5 is 8880. Given today or in future, BTC -9.47% holds above 7362, the School#2 will be the most likely scenario. Else, the school#1 will be the accepted market condition.
IMPORTANT: There are two schools of thought, (1) Falling wedge since Dec 17, 2017, is continuing till today, (2) The bull-bear cycle has been completed & market is in consolidation. Facts & Figures: SCHOOL#1 (Price range 0 – ATH -2.70% ): Maximum retracement hasn’t been achieved. If so, then it can be either at Fib0.382 (7594, which has already been breached, a condition that has already been ruled out) or at Fib 0.236 (4690), a possibility. The mean of this school is 9940. SCHOOL#2 (Price range 6k to 11.7K): The previous retracement was at fib0.382 (8200). The mean of this school is fib0.5 is 8880. Given today or in future, BTC -9.47% holds above 7362, the School#2 will be the most likely scenario. Else, the school#1 will be the accepted market condition.