Still Possible for Reversal to Upside Monday, October 28, 2019.
This honestly may not go down as low as many may think. I've labeled this position "Long" for Dollar Cost Averaging Technique.
Kommentar:
I'm about to get some sleep... Before I do, I wanted to share my opinion of possible future price action. I'm of the opinion we stay within the magenta square you see on this 3-Day chart until Mid November. Then we likely step it up to the Green Square for the remainder of 2019. I have two scenarios drawn for 2020. Either we go exponential to the $22,000 to $24,500 price range on or around the bitcoin block halving - OR - we begin a brief consolidation on or around the bitcoin block halving at the $16,400 to $17,950 price range and quickly come back up to begin consolidating once again around $22,000 to $24,500 price range the end of July or first week of August, 2020.
It's certainly possible we begin going up exponentially much sooner if the bank REPO market begins going up exponentially. Meaning, the Federal Reserve builds up bail outs in the REPO market into the Trillions of Dollars. If the Bank REPO market begins going up exponentially into the Trillions of dollars, we can expect a quick surge of capital rushing into bitcoin on the exchanges via wire transfers. Which basically means LARGE interest are looking to protect their wealth as quickly as possible.
It's certainly possible we begin going up exponentially much sooner if the bank REPO market begins going up exponentially. Meaning, the Federal Reserve builds up bail outs in the REPO market into the Trillions of Dollars. If the Bank REPO market begins going up exponentially into the Trillions of dollars, we can expect a quick surge of capital rushing into bitcoin on the exchanges via wire transfers. Which basically means LARGE interest are looking to protect their wealth as quickly as possible.
Kommentar:
The previous two scenarios ASSUMES the bottom of $7,293.55 on Bitstamp remains unchanged.
Kommentar:
So, it's POSSIBLE my first thought posted on October 18th may end up being correct. It's basically the white path on the chart above but the top has changed because the bottom changed.
Kommentar:
I'm about to get in the shower then head over to my parents house to spend some time with them today. Before I do, I wanted to provide another update with the 3-Day TF. I've adjusted the green box down just a bit to show where I'm anticipating our price action to be within different date ranges.
Kommentar:
I'm about to get a shower and head to my parents house. Have a look at Godmode indicator in the Weekly compared to December, 2018. This is another reason WHY I simply did NOT see a significant drop down into the $6k's or lower. And it's not just the Weekly TF. What we are seeing in the 9-Day, 12-Day, 2-Week and 3-Week TF"s simply did not support that thought process.
Getting in the shower now. Happy Trading Everyone!
Stay Awesome!
Getting in the shower now. Happy Trading Everyone!
Stay Awesome!
Kommentar:
Also, if you're wondering how I came up with the 0.382 FIB for the price to come down to, have a look at the following chart posted in an older publication: Off to the shower for sure now... lol
Stay Awesome!
David