Considering the huge cycles bitcoin have been doing, we can suggest that Bitcoin has either entered the last 5th bull market wave or about to finish the 4th and the most boring correction wave.
When we draw the fibonnacci retracement from the start of the 3rd wave we can see that bitcoin has hit the .38 level back in december 2018. However it is really likely to hit the 0.5 or even - dont find it likely though - 0.618 level to finish the correction. The reason why I still have the bear view is this ugly rise and altcoin market crash.
These are the levels which I am playing to get myself some btc, if do not retrace to these levels I will be stop-limit ordering other targets.
Great profits and trades everyone.
Trade active
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I will start buying bitcoin at 5k levels. BTC is not looking good at all. A pull back to 9k is possible but not a must before the next crash...
Wont go that low, not a chance. There is too much uncertainty in the global markets that people are flooding into Bitcoin for a safer investment.
dacto
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@Triston27, hope so my friend, but we have to consider all the possibilities...
TheCryptAlpha
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no, just no
ZhenW
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I think Bitcoin wouldn't drop below 6k
ceesounds
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You might get a lot of hate for this post (which would speak a lot about the state of the market in and of itself), but i agree. Take all the euphoria everyone had when BTC was at 14k and take the inverse of that emotion for what is to come. Your take is a bit more bearish than mine because I think when BTC breaks below 6k this will cause a mini capitulation causing an overall MACRO Higher low 4K. Looking at the BLX weekly chart though your idea of going under 3k is possible.