BTC Still in Free-fall!Prediction from May 11th,almost complete!
Final update: May 17th, we should see a major move in the next 2-3 days!
The two possible "handle" trend lines, the blue and the orange line. Here are my predictions ranked based on their probabilities!
Scenario 1:Personally I think that it did over-extend on C(based on overselling on 4hrs on the RSI) due to people realizing that the 5 wave run was over, which brings me to a conclusion that it should start to follow back the orange line, and complete E at approx. bottom of 7825(calculated above).
Scenario 2:Now, this is only a rough estimation, and if in case it proves that the blue trend line was the actually base of the handle, we can see the price to go down to as low as 7200.
(It can also stop anywhere in between 7200-7800 and bounce back upwards).
Scenario 3: Breaking bellow 7800, could signal a potential selloff from the people that were long on bitcoin, due to it being such a critical support at 0.618, and we could potentially see another retest of the 6000 lows!
Scenario 4: If it breaks out on the current wick, confirmation buy would be @8651(not so likely)!
As always, like, share or comment if you have any suggestions or additions to the chart, I'd gladly consider them!
The two possible "handle" trend lines, the blue and the orange line. Here are my predictions ranked based on their probabilities!
Scenario 1:Personally I think that it did over-extend on C(based on overselling on 4hrs on the RSI) due to people realizing that the 5 wave run was over, which brings me to a conclusion that it should start to follow back the orange line, and complete E at approx. bottom of 7825(calculated above).
Scenario 2:Now, this is only a rough estimation, and if in case it proves that the blue trend line was the actually base of the handle, we can see the price to go down to as low as 7200.
(It can also stop anywhere in between 7200-7800 and bounce back upwards).
Scenario 3: Breaking bellow 7800, could signal a potential selloff from the people that were long on bitcoin, due to it being such a critical support at 0.618, and we could potentially see another retest of the 6000 lows!
Scenario 4: If it breaks out on the current wick, confirmation buy would be @8651(not so likely)!
As always, like, share or comment if you have any suggestions or additions to the chart, I'd gladly consider them!
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