You would think that I learnt my lesson in May with that pull back and not fall for the August pull back. No I did not and I did not even follow my Martin Trend indicator. No I thought I was clever and could time the next bounce myself. NOT so.
Yesterday’s dump caught me off guard, think that that the next bounce is incoming. So last night I watch how bitcoin dumped from 7100 to 6500 and this morning I see it went to 6424.
Are we in for a bounce? According to the Wyckoff method, YES! I am amazed how bitcoin is following this chart.
Do you think the next stop is $8600?
Please give us an Upvote if you think this info was helpful. It will help my online business a lot and I hope to return the favour soon.
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Colin Brazendale
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thanks for the tips.
Very helpful yes
Thank you for your support @pagandance
Hey @colinbrazendale, unfortunately, barring some really bullish news I don't think we've seen the bottom yet...
8 600$ is a long way without any good news... What do you think?
Yes, it is. But anything is possible with Bitcoin remember. :)
That's true! But there was a speculative bubble last year... I'm long but the market is bear so I hope that will change :)
Totally! We can see that now. Last year it was blue sky all the way up. Now we in a long bear market. Absolutly the oppiste from last year. And it is not over yet. 6400 must hold.
Oh yes but we are very close to $6400... Next hours, days, weeks will be very stressful!!! ^^
Tone Vays negative view comes into play again. He says 5100 next stop and lower later. :( Watch from 8 min in video:
Wyckoff method must hold at 6400. Otherwise it is Tone Vays view of the 2014 correction. And that means 3500 bottom.
I see the video of Tone Vays, thank you! For the moment the market isn't at 5100, but in our company we're thinking about a next stop at 5900... So we are again in a bearish market!
Very! I am out for now.
Maybe it's the best thing to do!
I vote for next stop $8600. Go Wyckoff!
Yes, but support must hold at 6400. If this breaks we are going way down to 5900 and lower.
Well we analyze to death as humans but I found your piece of chart analysis interesting followed you and upvoted!
Thank you for your support. Let hope this chart is strong enought to hold Bitcoin up. I don't want to go below 6400.
Sounds like a plan
It's just so sad that the whales have such a power to kill all the optimism in us. 😐
It is a brutal bear market.
Thanks for the info and the tips! Keep up the good work.
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Excellent analysis Colin. However, I would caution against trading the bounce as analysis shown below for example indicates the potential downside for Bitcoin as a more probable path for future price development