Possible bottom is in play. Assume the worst, but the long is intact.
Something to say about parabolas. They are difficult to measure because price is different on multiple exchanges. Second, because of the inherent subjectivity drawing the curve, there is often less clarity. What we do know is the last two major corrections were between 45 - 50% from peak to trough. We've seen that today with the low of 765 (looking at the Coinbase exchange) from the high of 1400s.
If price breaks below parabola I will buy at 525, and 400.
Something to say about parabolas. They are difficult to measure because price is different on multiple exchanges. Second, because of the inherent subjectivity drawing the curve, there is often less clarity. What we do know is the last two major corrections were between 45 - 50% from peak to trough. We've seen that today with the low of 765 (looking at the Coinbase exchange) from the high of 1400s.
If price breaks below parabola I will buy at 525, and 400.
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618 remains critical support. I remain long and strong. I continue to believe 765 was the bottom. Time will tell.
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I am not liking the bitcoin price action. It will take everything much lower if we break 10500 and close beneath.
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