Everyone is wondering where the bottom is and when this painful correction will end. Here are my thoughts:
The below chart (Bitfinix) shows a clear downward channel and its bottom trend line intersects a long support line (white color) at around $114. I believe the bottom might be around there.
If wave V completed at around $410, then current correction is a Wave 2 down. EW rule shows that wave 2s can retrace 50% to 99% of the prior five waves and still be a valid correction. However, fibonacci usually puts wave 2 retrace first stop at 50% and then 61.8%. So, probably, more down to go...perhaps $114
Can the bottom be now? Absolutely! However, Fib ratio can help gauge the range.
The bottom line of current channel also intersects the long support line at around $114.79. The dotted white lines represent my ladder entries already entered as buys and waiting to be possibly hit.
How often have you bought all your shares in one transaction only to see prices go lower and lower and lower? Laddering your entries prevents the emotional pain by reserving gun powder to buy at lower prices. Last night my higher ladder entries were executed at $182.40 and $172
Also, you can enter your ladder entries and basically walk away. You need not be glued to your monitor. If the entries get hit...great! If not, no worries.
This buying tactic allows the same for selling. You ladder your profitable sales.
Disclaimer: This post is only my opinion and nothing else and does not imply forecast or recommendation.