I’m just experimenting with publishing ideas here. Maybe I’ll make more of a hobby of this in the future. We’ll see.
For the record, I don’t expect to be right. Predicting what the price will do is almost impossible, but it’s fun to think about the possibilities, right? For actual trading, I let my bots make the hard decisions for me. For more info, check out my discussion forum:
As you know, has been consolidating for most of the year, and earlier this month we finally broke the pattern to the downside. I like to refer to this pattern as a “low base” formation. What do you call it? Leave a comment and let me know.
entered into the 2018 low base formation with a 70% drop, from 20k to 6k. It’s typical when a consolidation pattern breaks to duplicate the original move, so it’s highly possible that the break will be another 70% leg down, which puts us at 2k. I personally believe that if we hit 2k, it will be a bottom, and it will rally back up very quickly. I like to say “The market won’t give you a lot of time to buy the bottom or sell the top.” Also, I think it would be fitting for the market to destroy the December bulls, just like it did to the November bulls, and then come back and destroy the January bears. What about you, what’s your opinion? Let me know.
If you appreciate the insight, let me know by leaving a thumbs up and following me. If people show interest I’ll do some of the other pairs soon.
Cheers!
Published at Tue, 27 Nov 2018 22:41:43 +0000
