7100-7200 was a key fib level. That kind of drop is how levels are broken.
The chart is from cryptocompare.com
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Damn, how low can it go? I’m calling a bottom of $3000. Now that’s a price that will suck.
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can go as low as market wants. 3000 will suck!
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How low would you guess the next bottom to be?
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to me the the previous low of around 6400 is still in place as the daily candle hasn't closed yet. will wait for the close and tomorrow's price action to decide if the low will be broken.
4000-4300 is where the markets can find support if 6400 or 5800 do not hold.
the chart is saying a very different thing compared to what fundamentals are saying (all the news coming in since consensus and last 15 odd days). To me there is something else going on right now in crypto markets so i am going to wait for a clear signal before going either long or short.
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You should write a post about that. It does look like there was significant selling at once. I didn’t think there was a rebound around the corner though. I’m not good at reading charts either so I can’t really say.
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I do write a lot about fundamental stuff as I think that is something people write very little about on various social media channels, including steemit or YouTube. There are some very good chartists around so I don't think I will be doing any value add.
The thing with chart reading is, that often you can see different outcomes being share based on the same chart, all that means is that chart reading is an art that you master over time. So if you think, you aren't good at it, follow may be 5 people on YouTube - hyperwave, tone vays, and real-crypto are some I like, they have different ways of looking at things and you will learn a lot from them. And start with your own analysis and see how you are performing. You can also get good at it.
I like talking about fundamental news because i find lots of people on youtube or steemit do not understand what good news really is. Any news is good news for them - something like bbva making loan using blockchain or ripple signing some other bank or master card filing a blockchain patent. these are all examples of marketing and junk news. So i try and write about fundamental stuff and draw parallels between crypto and traditional financial markets. That is my value add.
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Thanks, I’ll check them out.
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you can also check out philakone. he is on youtube and steemit, he talks about fibonacci and elliot waves.
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sorry i am not upvoting your posts, not because i hate you or i am cheap but because at 46 level, i do not have enough sp and my upvote has no monetary benefit.
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Its ok.
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that looks ugly like hell
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it looks beautiful to a chartist, ugly to you and i.
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Yes.. probably !
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