In my humble opinion, I still believe that BTC is suffering from significant as shown on my chart. To prove this , it needs to have a SIGNIFICANT amount of buying in order for that reversal to take place. At this point, I am personally staying away from buying any more BTC until I get a better micro picture of this holistic trend-( ) that I continue to identify.
On this chart I have identified 3 different testing targets in which BTC will test on its way down in order to complete if cycle and then begin a true and real reversal as identified on my chart. There needs to be way more for a true reversal to take place!! That's not going to happen until it reaches rock bottom in my opinion!!!!#!! We saw that on Feb 5th went down as low as 5k or so, testing a lower low. Well I think that was a brief sign of just the beginning. As projected in my analysis I still think it can go down about 40% -50% lower from todays price of $8,033-$8,200 from what I see.
Of course, NO one has a crystal ball, but this is what I see and for the time being and for now I am not convinced that a true healthy reversal is in effect. So in conclusion, be careful with BTC , you could potentially tank 40% to 50% down more if you buy now. Do you own homework with your own analysis. Do not follow the sheep, including me. Think critically and make your own final determination of predicting where the market will go with BTC .
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@CryptoBuzzAnalyst, I asked because patterns (wedges, pennants, etc) are something I'm trying to add to my TA. I just got done doing an LTC TA review and saw what I felt was a falling wedge with a double bottom (see above)