Next major low still projects to be near $8000. We have no support at all for the upper half of this enormous wave form. The $7788 November high is the only structural peak to gain support from in a historical context. And it is not much to look at. $5042 looks better. In any case. I see no way to make a new high, before more structural support is added to this wave form. So it must be at lower prices that this structure will come from.
Lifetime fib of 62.5% is also down there. ( white box , bottom line ) So is a huge lifetime ( purple line ). That in a new high future higher than 20,000 scenario requires we bottom ABOVE this life time not AT it or UNDER it but ABOVE it.
Additionally the 50% life time fib ( white line middle of box ) has been violated more times than a $50 h@@ker. The 50% line is weak. It would be a Quadruple bounce if it held again. Don't see to many quadruple bounces.
That being said, we are oversold momentarily and have a lot of bulls just dying to jump in and buy low. They appear to be releasing their capital now. I believe they have enough of their life savings left to get us to $14080 or so. Then reality will hit. And we will sell to $10914, and then.....
All bets are off till we get there.
I am of the idea we will just blow right through it hot knife thru butter style, but that's a ways away for me to discuss in any meaningful detail.
If she blows the $9200 lows then $7800 - $8000 is my catch zone. I would convince my grandparents to buy crypto at this level if we see it.
I am posting this in a 3 chart series.
64 minute candles
16 minute candles ( on going )
Please post any questions you may have,
thank you and good luck!