After the last crash(13th of Nov) of BTC we could conclude that we are still in the markdown phase of the Wyckoff cycle. One could make the analogy to the previous markdown phase after the ATH of the 3rd of Dec 2013.
Comparing the two bust cycles we can see there is an analogy of the current BTC crash with the crash of the ~3rd of Oct 2014 where the price was about -70% from the ATH. This is strengthened by the (daily) RSI. We haven't seen these current levels of the index since the crash mentioned above (Oct 2014)
IF (and that's a big if) the analogy is truly there, we could conclude that we are still in Markdown phase searching for a bottom. If the same behavior continues we could say that we should expect another -10% in the current BTC/USD price. I'm expecting to see an proportionate pattern to the previous accumulation phase in the range of 4900$-3550$.
PS marked with a green cycle, is the spring of the previous accumulation.
Comparing the two bust cycles we can see there is an analogy of the current BTC crash with the crash of the ~3rd of Oct 2014 where the price was about -70% from the ATH. This is strengthened by the (daily) RSI. We haven't seen these current levels of the index since the crash mentioned above (Oct 2014)
IF (and that's a big if) the analogy is truly there, we could conclude that we are still in Markdown phase searching for a bottom. If the same behavior continues we could say that we should expect another -10% in the current BTC/USD price. I'm expecting to see an proportionate pattern to the previous accumulation phase in the range of 4900$-3550$.
PS marked with a green cycle, is the spring of the previous accumulation.
