cbistriceanu

BTCUSD correction time?

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Here is my view on the current chart of BTCUSD .

The price has moved and impressive 340% on the EW 3 since the end of November and the time for a correction is fast approaching. The fibonacci extension does have more room to go to $50k but with an excessive MACD way higher than 2017 and also a very high RSI , such a push may seem improbable. If history repeats itself in every bull market BTC has always used the 21 EMEA on the weekly chart as the base. Therefore we may see a price retracement of 35% - 40% around the $20 $ - 21$ region. Many will scream and shout that is not possible as we will never even see $25k ever again but whatever goes up must come down and corrections are healthy in such a market where the price seems to have gone up parabolic. The market sentiment is also very bullish and the Fear and Greed index is at 93 indicating extreem Greed which usually is a strong signal that a correction is close. https://alternative.me/crypto/fear-and-g...

I will place some buy orders around the target area as I will then expect a continuation of the bull trend with the last EW5 from April-May onwards.

Good luck
Comment: We have now formed the two clear waves out of the ABC correction expected. With the EW C usually formed out of a 5 wave move we are on the fourth corrective one. Once the 5th wave will reach our initial target of $22 - $23k will expect a very quick buy from it.

Comment: Here the current view on where we are on the current idea. The $42k levels have been rejected and currently we may have just finished the wave B has now completed too.