Based on the slow ramp up of the beginning of the rally with the strong support at $5500 and the subsequent meteoric rise, I chose a bottom of $5500. Based on previous rallies and crashes, the always goes within 50% of the past ATH - that would put the target at $1800 - which happens to the be the FIRST place there was a strong support during the rally. However, that seems extremely low and unobtainable at this point. Now there are bulls who claim this thing cant go below $12K or whatever again - that sounds equally ridiculous. What is your target?
My $5500 bottom might not be reached for several weeks or months. If I was to put a short term bottom for the current movement going on right now it might be more like $8000 but who knows.
As you can see from this chart, even my target of $5500 seems way too high. And I dont even have 2011 on here.
Short term bottom might be $6500 (if BTC crashes from $15 000, if BTC jumps to max possible price at this moment $17500, then short term bottom might be $8000), 1 year bottom $4000. Bulls might stop the fall @ $12k only for 1-3 days, I expect this to happen, but after that BTC will continue it's journey to sub 10k levels... My $5500 bottom might not be reached for several weeks or months. If I was to put a short term bottom for the current movement going on right now it might be more like $8000 but who knows.
As you can see from this chart, even my target of $5500 seems way too high. And I dont even have 2011 on here.
