The old adage, do not try and catch a falling knife holds true in crypto-space as a key technical level of $8k has gapped to the downside. Trying to pick a bottom is difficult at the best of times. A true art and varying combination of instincts, sentiment, mathematics, charting and pattern recognitionโ€ฆ

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Image for post
Bitcoin 1hr chart with trend-lines and fibonacci lines from the summer 2017 low.

My estimate as of Monday 5th February 2018, is that the low is likely to be around $6038.08. A small but possible worst-case scenario, is an unwinding of the entire summer to winter spike up to $20k, all the way back to $2k, an approximate 90% fallโ€ฆ

๐œง๐›‚๐œน เฅ

@madhavmusic madhavmusic.net

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