Fibonacci 0.618 retrace almost reached

2 feb 2018

I believe that we wil have to endure a bit more pain before we wil see another bull run on BTC -4.15% and alts. Looking at the Fibonacci we should get a bit lower before reaching 0.618 retrace level and this is usually a very strong support. To get there we might first see a huge panic sell of if we dip below 9000 which wil be the last weak hands selling of and people trowing their hands in the air screaming "I hate crypto!!!!". Combined with al the bad news coming out this could point to a (bear) market exhaustion, meaning the bears are done and the bulls seize opportunity. Look for a massive spike in volume on that last panic sell which would be a major indicator for market exhaustion. The pivot point from bear to bull always comes at the point when sentiment is absolutely negative and nobody believes it wil ever go up again. This is the point where the pro's make money and the amateurs sell of the last remainders of their holdings.

Wait for a good opportunity to arrive you really believe in and trade on that. Until you find one best stay on the sideline and learn from what you see happening.

Good luck!