Just as my last update mentioned, bitcoin correction is near, but I don't anticipate the final high price can reach ~ 14000.
After FOMO from crowd, the price soar like a crazy cat, but now we also see the correction after FOMO.
There is an important question: where is the end of this correction? I'd like to guess the correction bottom from several aspect for your references.
Correction percentage:
Let's have a look at the history correction percentages for bitcoin in bull market:
From : 25.Aug.2015 to 11.Nov.2015, price soar from 198 to 502, and then correction to 294, Correction percentage: 68%
From : 16.Jan.2016 to 02.Aug.2016, price soar from 352 to 778, and then correction to 465, correction percentage: 73%
From : 2.Aug.2016 to 11.Jan.2017, price soar from 465 to 1140, and then correction to 751, correction percentage: 57%
From : 12.Jan.2017 to 25.Mar.2017, price soar form 751 to 1298, and then correction to 891, correction percentage: 74%
From : 25.Mar.2017 to 16.June.2017, price soar from 891 to 2980, and then correction to 1830, correction percentage: 55%
From : 16.July.2017 to 14.Sep.2017, price soar from 1830 to 4979, and then correction to 2972, correction percentage: 63%
From : 15.Sep.2017 to 12.Nov.2017, price soar from 2972 to 7888, and then correction to 5555, correction percentage: 47%
As you can see, the correction range in , average correction percentage is ~ 62%. This number is very close the fib number. So my predict is ~ 7300 with 62% retracement. And from the history, we can observe is that almost every retracement percentage is more than 50%, so 8600 is the price level that we may expect break at the first stage. and then 7300, and then even more retracement with 70%, price ~ 6500, which is very close the current weekly MA 20. but I don't think this price level can be touch in this time of correction.
First target ~ 8600
Second target ~ 7300
Third target ~ 6500
And then, the question is how to trade?
If you're a long term holder, buy bitcoin periodically after price break ~9000. if you're a short term trader, follow me, I will try my best to update the latest TA info.
My investment plan:
I have two type of investment into crypto: long term holding and short term contract trading.
For the long term part:
1/3 fund buy ~ 8600, 1/3 buy ~ 7400, 1/3 prepare for the potential drop below 7000.
Watching closely for the daily RSI, if it touch or near 30, I will buy some of my fund immediately.
For the short term contract trading.
since I'm holding the short from ~12000, and I'm still hold all of short contract, in the end of this week, I will consider to hold or close depends on the TA.
After FOMO from crowd, the price soar like a crazy cat, but now we also see the correction after FOMO.
There is an important question: where is the end of this correction? I'd like to guess the correction bottom from several aspect for your references.
Correction percentage:
Let's have a look at the history correction percentages for bitcoin in bull market:
From : 25.Aug.2015 to 11.Nov.2015, price soar from 198 to 502, and then correction to 294, Correction percentage: 68%
From : 16.Jan.2016 to 02.Aug.2016, price soar from 352 to 778, and then correction to 465, correction percentage: 73%
From : 2.Aug.2016 to 11.Jan.2017, price soar from 465 to 1140, and then correction to 751, correction percentage: 57%
From : 12.Jan.2017 to 25.Mar.2017, price soar form 751 to 1298, and then correction to 891, correction percentage: 74%
From : 25.Mar.2017 to 16.June.2017, price soar from 891 to 2980, and then correction to 1830, correction percentage: 55%
From : 16.July.2017 to 14.Sep.2017, price soar from 1830 to 4979, and then correction to 2972, correction percentage: 63%
From : 15.Sep.2017 to 12.Nov.2017, price soar from 2972 to 7888, and then correction to 5555, correction percentage: 47%
As you can see, the correction range in , average correction percentage is ~ 62%. This number is very close the fib number. So my predict is ~ 7300 with 62% retracement. And from the history, we can observe is that almost every retracement percentage is more than 50%, so 8600 is the price level that we may expect break at the first stage. and then 7300, and then even more retracement with 70%, price ~ 6500, which is very close the current weekly MA 20. but I don't think this price level can be touch in this time of correction.
First target ~ 8600
Second target ~ 7300
Third target ~ 6500
And then, the question is how to trade?
If you're a long term holder, buy bitcoin periodically after price break ~9000. if you're a short term trader, follow me, I will try my best to update the latest TA info.
My investment plan:
I have two type of investment into crypto: long term holding and short term contract trading.
For the long term part:
1/3 fund buy ~ 8600, 1/3 buy ~ 7400, 1/3 prepare for the potential drop below 7000.
Watching closely for the daily RSI, if it touch or near 30, I will buy some of my fund immediately.
For the short term contract trading.
since I'm holding the short from ~12000, and I'm still hold all of short contract, in the end of this week, I will consider to hold or close depends on the TA.