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 does have more room to go to $50k but with an excessive way higher than 2017 and also a very high , 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 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.
As expected BTC had started the decent towards the weekly 21EMA which, historically is the base of the bull market, looking to complete the C wave. Yesterday's drop was substantial so a decent bounce was expected. Day traders who had the guts to buy the dip at the $28k level are now sitting on very good profits but they should not rest easily and tread carefully. The $28k zone was meant to be a good support, especially with so much bullish buyers in the market. That zone is the where the 50 EMA on the daily chart is and with the current bounce going all the up to the 21 MA we should only be more optimistic about this correction being over if the latter level becomes support and not resistance. If the price will break the $35k area and then manages to hold that support for a few days, then we could take a chance/punt and buy more. It is still risky though, because we could see a "false break-out". For now, I will still be patient to see the price reaching the $22 -$24k area as to me, that is the area of where very significant buying will push BTC over the $50k mark.
Good luck and always assess your risk reward ratio.
BTC has started the correction, dragging the rest of the crypto market with it. So far the correction has only been a mere 27.9% but I would expect to see further downward pressure. The first corrective wave A is usually shallow, and it is usually followed by an up B wave creating the impression the price will recover. The last EW C is usually deeper as on the lower time frames that is formed by a 5 wave corrective move. As the market sentiment is still very bullish the last corrective wave C will be bought pretty fast. Therefore, the buy order should be placed around $21800 - $22800 mark. Time wise, I am not yet sure how things will unfold but once we have a confirmation of the wave A and B to be completed, we could make a more informed decisions. In a similar stage back in 2017 the correction took about 5 weeks to complete but it is possible to only have 2-3 weeks this time as everything in this cycle seems to be accelerating. Good luck!