On my last chart I predicted a breakout, I was accurate, however my target didn't even come close, we pretty much blew up on the launch pad! In my defense, I have been updating them to show that it was a failed breakout, and did accurately predict the breakdown early on as it was becoming evident the rally wasn't going to sustain itself.
In today's chart I'm going to go old school and point to some charts I listed a very long time ago, and ironically, we still find ourselves in the midst of.
I've highlighted the channels and interesting patterns I see on this chart, as well as price action areas you need to observe. Breakdowns, or breakups of these levels, will be significant and could lead to the next price point listed out.
1) Last time our monthly was @ 96, we retraced 76% and 86%, if we average that our we're looking at an 80% retracement. That's unlikely in my opinion.
2) The historical significance of the 200 daily and 200 daily can't be ignored, if you check the previous charts I've made I go into details exactly how many times they've been touched, pierced, and bounced off of.
3)I think a touch of the 200 daily should satisfy the correction, as it would be roughly a 61% retrace from the top, not quite the 80% average of the two previous, but we have different market conditions now.
As always, if you find these idea's useful, please support me by hitting the like and follow button, it keeps me motivated to chart! Additionally, I've been streaming regularly @ 6pm EST on http://www.twitch.tv/cryptocrew discussing these analysis and more and answering your questions live.
If 7750 (200 MA) fails, I'll bounce out for the 5k pickup. At this point, we're dealing with 2 supports that have lasted 3 years. As I mentioned, if these breakdown and we start trading below, myself, and I'm sure many others will be hesitant to re-buy as we may be looking at a total collapse.
Best of luck in these historic times!
I felt we had hit the bottom last night, and decided to go in. Props to divarific who felt the same :D
On this chart I've highlighted some zones of interest I'll be looking at which will determine my sell points. Please see the chart attached, additionally I'll be streaming live in a couple of hours @ http://www.twitch.tv/cryptocrew
(Bailed out while I was about to post this!...sheesh...)