BTC WEEKLY CHART: "The Panic Zone" Where's the bottom?
We're right on time for a correction. See my previous estimates linked below.
First, the blow-off-top at $500 was way beyond my expectation. It launched with the greatest volume we've seen since the beginning of the "Panic Zone" plunges and much more than the surge to $1200. The combination of lower panic volume in the second plunge and huge exuberance in the most recent rally bode well for a solid breakout attempt above $500 in the next surge up. But first, this market has to establish a new bottom base. I would be extremely surprised at a turn around starting at this level. If you notice the down volume in this plummet has not been large. That means there are a lot of people still holding BTC purchased between $330 and $500. These are going to be demoralized sellers later on. I see a whole lot of panic coming.
Today there was a bottom breach in top tier support. There are essentially 3 more support levels. I expect the panic to set in at a break in the bottom of the next support layer which starts at roughly $275 down to $240. You may notice that I moved the PANIC ZONE label up a layer from where it previously was a month to 6 months ago. The panic selling will start soon. What we have seen so far from $500 down to $330 has not been panic selling. It has been somewhat structured profit taking. From $218 down is now the SUPER PANIC ZONE. If prices enter this zone then capitulation selling will mark the bottom. It will be brief and V shaped on the Daily chart. For the most part I think prices will level out in the $218 to $275 range and stay in this range for at least the next quarter year. Maybe longer. Get out your favourite Cat Fish Pole because were about to start doing some bottom fishing. I wouldn't be surprised to catch some wiggly youngin's in the sub $200 range and if we're lucky, low 100s.
Hang on to your hats. This drop will make your eyes tear.
First, the blow-off-top at $500 was way beyond my expectation. It launched with the greatest volume we've seen since the beginning of the "Panic Zone" plunges and much more than the surge to $1200. The combination of lower panic volume in the second plunge and huge exuberance in the most recent rally bode well for a solid breakout attempt above $500 in the next surge up. But first, this market has to establish a new bottom base. I would be extremely surprised at a turn around starting at this level. If you notice the down volume in this plummet has not been large. That means there are a lot of people still holding BTC purchased between $330 and $500. These are going to be demoralized sellers later on. I see a whole lot of panic coming.
Today there was a bottom breach in top tier support. There are essentially 3 more support levels. I expect the panic to set in at a break in the bottom of the next support layer which starts at roughly $275 down to $240. You may notice that I moved the PANIC ZONE label up a layer from where it previously was a month to 6 months ago. The panic selling will start soon. What we have seen so far from $500 down to $330 has not been panic selling. It has been somewhat structured profit taking. From $218 down is now the SUPER PANIC ZONE. If prices enter this zone then capitulation selling will mark the bottom. It will be brief and V shaped on the Daily chart. For the most part I think prices will level out in the $218 to $275 range and stay in this range for at least the next quarter year. Maybe longer. Get out your favourite Cat Fish Pole because were about to start doing some bottom fishing. I wouldn't be surprised to catch some wiggly youngin's in the sub $200 range and if we're lucky, low 100s.
Hang on to your hats. This drop will make your eyes tear.
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