Posted this chart a while back:
with the two red boxes that indicated two levels if broke down. In the last chart/update I said it looked like was finally consolidating and going to make a move, that move was down.
I said in my last update that “I am weary of testing the $6,000 low too many times and breaking down. In the event breaks down, it could drag alts another good 30%-40%” and so far that has proven to be accurate for most alts, especially in USD value. in particular has dropped exactly 40% with this move down.
Right now, pretty overall. Market sentiment is very poor with most people calling 3k to look for the next leg down. While I think its possible we see another breakdown, I think we may actually dip below 3k and I have not been able to figure out why everyone is thinking that 3k is going to be the bottom. Looking at the chart, there is a pretty big range in the $1800-$3000 that could be tested if we end up breaking down further.
In the event of a further breakdown, which I think is probably likely, I am looking to the $1800 level to find a bottom. I do not expect to stay this low for too long if we do break down, and anticipating there will be a lot of stepping in at these $1800-$3000 price levels, but at the end of the day…what do I know….I’m just a Dragon.
TDLR: , looking below 3k for a bottom, alts will continue to dump with
I am not a financial advisors and none of this should be considered financial advice, this is just my opinion and analysis.
Published at Fri, 23 Nov 2018 13:00:59 +0000
