Alright. So we have to get rid of this idea that Bitcoin and other alt's can continue these magnificent runs. When it is all said and done... you can ALWAYS break these charts down into cycles and so forth. I had mentioned previously on Twitter that BTC was way overdue for a correction. The 5th wave extended and held on for dear life as mainstream buyers could simply not give up. I'm not sure if Biden's tax plan had anything to do with the recent drop, because this could have been seen from a few weeks ago. That being said heres a few points to think about.
Long-term: You Hodlers still have nothing to worry about. BTC will reach $500,000 or more. And you know this already.
Mid-term: BTC will likely complete it's ABC Correction... possibly hitting the .382 or .5 fib levels.
Short-term: Might be a time to short if that's your thing. But be careful as this asset is simply trying to regenerate its power from its amazing 2020-21 Bullrun. Be on the lookout for big-picture continuation.
Daily RSI already looking bottomed out.
We must wait and look for retest or formations to show up.. whether Bullish or Bearish... BUT.. with Bitcoin looking to disrupt the Gold industry.. we must look at this asset not as a volatile crypto coin... but as a long term store of value.. slowly making its way up to that 9 trillion or so market cap. Watch for the Alt Market to start kicking off.
Long-term: You Hodlers still have nothing to worry about. BTC will reach $500,000 or more. And you know this already.
Mid-term: BTC will likely complete it's ABC Correction... possibly hitting the .382 or .5 fib levels.
Short-term: Might be a time to short if that's your thing. But be careful as this asset is simply trying to regenerate its power from its amazing 2020-21 Bullrun. Be on the lookout for big-picture continuation.
Daily RSI already looking bottomed out.
We must wait and look for retest or formations to show up.. whether Bullish or Bearish... BUT.. with Bitcoin looking to disrupt the Gold industry.. we must look at this asset not as a volatile crypto coin... but as a long term store of value.. slowly making its way up to that 9 trillion or so market cap. Watch for the Alt Market to start kicking off.
Trade active
Trade active:
Still think it's correction time.
Comment:
We have bounced off the .236. A move downward should bounce off the .382.
Comment:
bounce off .382 as expected
Trade closed: target reached
