@nfs5, Will be a wider cup, be ready for the downtrend..
MRINTENGENT
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So in your opinion there is a strong chance that the price won't go from where its at right now 790-800.....to 1,000 before declining to find a new low? but will instead H&S down lower right away. And can you describe an estimate of a timeline that you are talking about in this chart?
CatalinDV
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@Ruvim18, In believe that the price will decline slowly until Chinese New Year ( 16 feb.) because of the following factors:
1. Just had a 50% grow from 580, in less than 2 days, after which we expect a bit of a pull back.
2. People from china are going to cash out these days, dragging price lower. (as it happen before Christmas)
3. Nobody invest because they expect point nr.2 to play out. Letting the price drop even lower.
4. Panic sell because of previous 3 factors, dropping the price to a new low.
And with a bit of FUD created by news this scenario will most certainly happen!
I'm not professional trader, I'm rather new in this.
Don't take my analysis as investment advice :).
Cheers!
RazvanGabriel
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@CatalinDV,
Very good analysis, Catalin. However, i have some observations.
@2 you refer to chinese people working abroad, right? Because chinese residents wouldn t possibly trading due to existing bans. And plus, i believe the cash-out effect should be softer this time, as there were likely multiple rounds of it in the last month
If @2 is softer, than @3 and @4 should be lessened as well.
Indeed a correction is natural after such a steep rise in 2 days, but a possible scenario would be that we have hit the bottom already and now we re into wave 2 of a new ST bull cycle, which could find support at 670-700 (50-61.8% retracements from 560-840 wave)
But we ll see about that... price action is all that matters eventually
Let s hope for the best :)
emaluizaa
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Where do you think the new LOW going to be?
CatalinDV
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@emaluizaa, There is a good support zone at ~450$.
panic btc sell off commin buddy