BTC - 70 to 85% Decline

I took another look at the 2014 decline and compared it to where we are today. IF, and I stress IF, the price and length of the current decline is similar to the last then bit-coin could go as low as the $3,000 mark. To exceed that would be to exceed the percentage of the previous major decline which would seem unreasonable now that cryptos have become so popular. Should we break down the current support again and continue lower my plan at that point would be to simply start scaling in from the 75% area or lower all the way down to 85%. If I had any of my cash left when the major reversal came I would simply deploy it at that time once the reversal was confirmed.

Just thinking out loud. Sometimes what I "plan" to do and what I "actually" do turn out to be two different things entirely. lol

Good luck!

Commentaire:

The 70% target was hit, slightly exceeded, with a bounce. If the bear trend is to continue I would not expect the price to reach much further than the top of the channel, if that far, before continuing down to the next level.

I played the bounce with a small long position for a few bucks but am currently out.

I'm still waiting for total capitulation and despair before going back in heavy.