"Bitcoin plunged 30% overnight! REEEEEE!"
"Margin calls may be issued on futures exchanges! REEEEEE!"
"Phone numbers for suicide prevention hotlines were being distributed among Bitcoin investing communities! REEEEEE!"
Anyone with a slight understanding of technical analysis and their head at least half way out of their bell-end could see this contraction coming from a mile away. I may have gotten the precise point wrong in one of my previous posts due to a change in fundamentals (news of futures contracts being offered), but still could see it coming purely based on analysis of the year-to-date price action.
Previously predicted the $10-11k area, while we did see a selloff in this area within the predicted percentages after reaching a high just under $20k, it was not prolonged: https://steemit.com/bitcoin/@flyonthewall/btc-usd-correction-imminent
Why is anyone acting surprised when a market experiences a harsh price correction, after it's been repeatedly called highly volatile by "experts?"
All previous contractions/corrections were a discount of approximately 25-40%, and were preceeded by a bearish or sideways RSI divergence before it happened.
Price action on daily candles for all price corrections in 2017 (measuring candle bodies only), and projection for where a 40% pullback would put us (~$11.7k): https://www.tradingview.com/x/mW0uIPkm/ (Note: we passed the 11.7k area during the overnight dip, but this was quickly met with heavy buy volume)
Divergence preceeding January contraction happened in late December: https://www.tradingview.com/x/1B6uUfK6/
March contraction was preceeded by divergence from January peak, to peak at the beginning of March: https://www.tradingview.com/x/lkpxjq4o/
Jun contraction preceeded by divergence from mid May to early June: https://www.tradingview.com/x/TDJL1mNv/
September preceeded by divergence during Mid to end of August: https://www.tradingview.com/x/TAIbqfRJ/
Current chart: https://www.tradingview.com/x/h3P3mxqh/
Additionally, should this be the area where we finally see a legitimate retrace, I would not be surprised to see the price dip to the upper $7k area. (Fibonacci retracement used to determine value of a 61.8% retrace of the YTD price action.)
https://www.tradingview.com/x/nAjIcA4F/
Should this article/analysis/commentary ever make it's way in front of a mainstream media pundit, or a "financial expert" who wants to act surprised at a harsh price correction and claim Bitcoin/cryptocurrency is unpredictable or unsafe for any inexperienced traders/investors (keep in mind that I am by no means highly experienced, I have been trading for just under one year), please do yourself and the crypto community a favor listen to this whenever you want to run your mouth:
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