MickeyDavis wrote:A lot of my investments are nosediving this week. Just need to get back in the ring
Soooooo,
The two next resistance points are the $7500 - what is commonly referred to as the 61% Fibonacci Retrace - and anywhere in the $3,000 (agressive) and $5,000 mark
if it realizes a full reach of a bear pennant. Now, will it dive again? That isn't known, per se, but if I was a gambling man I would say: 'Absolutely, yes'. There's just so much negative bearish pressure in the human realm right now. I've said a few times, now, that we are in this thick until the 12th of February. Do you remember this? I wasn't throwing proverbial s*** on a wall. I was offering up my opinions based on mathematical research and, bringing all my tools to the desk, astrological. Let me just share something for you from a group I'm on sent to me on
January 4th:
Venus made it's conjunction with the Bitcoin Sun yesterday, Jan. 4th, this is the last supportive aspect for a while and we are now leaving what we call "The Choppy" period, where the price has mostly swung between 13k and 16k. The next favorable aspect is Venus conjunct the BTC Jupiter on Jan. 17th, but only for one day. Aside from that there are no major aspects until the highly unfavorable Saturn conjunction the BTC Mars Jan 24th-Feb 12th. Saturn represents contraction, structure, authority, regulation,
and obstacles and we continue to believe this may correlate with a short but sharp decline in the price. This will be the first of a series of three. So when will the price bottom and the low come in? The model says the low will come in sometime between Feb 1st and Feb 10th, with the weekend of Feb 2-4 as my closest guess. Where the price will fall is anybody's guess but under 10k seems possible.
(bold added for emphasis by me) And, seriously: Are you f'ng kidding me with this accuracy?!?
Now, couple this above information with the following analysis:
https://bitcoinmagazine.com/articles/bitcoin-price-analysis-possible-bear-pennant-suggests-end-market-consolidation/Summary:
1. Bitcoin appears to be at the end of its multiweek consolidation period.
2. The market is consolidating in a bearish consolidation pattern called a bear pennant.
3. If the market reaches its full measured move for the bear pennant, we could see prices as low as $4,000 region.
4. If we break to new lows, we will logically find support around the 61% Fibonacci retracement values.
Where am i going with this? If you look at yesterday's into today's chart-action, you'll notice somewhere around 6 am PST (my time) the USD chart touched that $7500 mark like skin on a hot skillet - the 61% Retrace support/resistance depending upon how you look at things. That's what I call volatile resistance. It certainly didn't receive it like a warm blanket. It shot the chart north of 9k briefly. These next 3-5 days, IMHO, are very very interesting. How many times will it approach that 61% threshold. And, when (again, imho) will it dive past to the full tip of a bear pennant. I feel and see too much momentum to keep going. I am personally looking to buy back in w/ 3 limit order settings. $3,500/$4000/$5000. We'll see how she goes.
EDIT: I also want to add this is patently not investment advice. Just my opinions and why I am doing what I am doing. It may work. it may not. But, it sure as hell is interesting.
