This chart is 100% hypothetical, I am not claiming it is going to happen, I just find it interesting to project!
Lots of similarities between the 2 crash patterns:
- Price is rejected from exiting the white channel on the pitchfork , right underneath the cross.
- 50 Period CCI is battling to hold over the -50 mark.
- 59 % price drop from peak to cross.
- 39 week vs 33 week from peak to cross.
- Breaching the top of the pitch fork for both bubbles. This also suggests that breaching the lower boundary would be no problem.
If the price at the cross is in fact around the fib level .382 (as it was circa 2014). That would put a target for the projected move somewhere between $1500 - $2000. Reaching $2000 would be a 90% retrace from all time high, something which isn't unfamiliar to this asset!
Lots of similarities between the 2 crash patterns:
- Price is rejected from exiting the white channel on the pitchfork , right underneath the cross.
- 50 Period CCI is battling to hold over the -50 mark.
- 59 % price drop from peak to cross.
- 39 week vs 33 week from peak to cross.
- Breaching the top of the pitch fork for both bubbles. This also suggests that breaching the lower boundary would be no problem.
If the price at the cross is in fact around the fib level .382 (as it was circa 2014). That would put a target for the projected move somewhere between $1500 - $2000. Reaching $2000 would be a 90% retrace from all time high, something which isn't unfamiliar to this asset!