2017's price action bounced off its June peak. Are we going to bounce off the August peak? We're sitting on five similar characteristics :(1) diagonal trendline, (2) 0.618 fib level, & (3) 53k massive support level, (4) August peak, & (5) 150D EMA.
Timing was looking similar as well until November didn't perform as anticipated even those establishing a new high.
So, if history is any indication, we're looking at a lengthened cycle that'd extend into Feb-April of next year (so far).
I'm still bullish on reaching 200k+, but if we break 50k as a low here, using 2017's price action to predict our current cycle top may dissolve. Thus, I doubt we'll see below 50k at the moment... but as always, NO ONE KNOWS. So gamble responsibly :)
Timing was looking similar as well until November didn't perform as anticipated even those establishing a new high.
So, if history is any indication, we're looking at a lengthened cycle that'd extend into Feb-April of next year (so far).
I'm still bullish on reaching 200k+, but if we break 50k as a low here, using 2017's price action to predict our current cycle top may dissolve. Thus, I doubt we'll see below 50k at the moment... but as always, NO ONE KNOWS. So gamble responsibly :)
