After a meteoric rise from $150 to almost $20K, the mother of all cryptos has taken a break to cool off its unrelenting moonshot and has been in correction mode for the last 7 months. We have heard news about Bitcoin being dead as the price corrected by 75%. However, these moves are quite normal with most cryptos going through 90%+ corrections on a regular basis, shaking out the weak hands.
My primary view is that BTCUSD still needs one more leg down to complete its wave 4 correction before we see any meaningful move up. The current fibonacci levels indicate a bottom at somewhere between $5400 - $4500. I will be able to provide a more precise range as a i-ii set up takes shape.
However, if the price moves strongly above ~$7050 in the next few days, as marked by the dashed lined, there is the possibility that the bull run has already resumed, and we are one step closer to the moon.
The following move upwards could see Bitcoin go to $100K+ in 2019 to complete the larger degree 3, and drag with it all the other cryptos to new ATHs.
Stay tuned for updates to the chart as the price action evolves!
My primary view is that BTCUSD still needs one more leg down to complete its wave 4 correction before we see any meaningful move up. The current fibonacci levels indicate a bottom at somewhere between $5400 - $4500. I will be able to provide a more precise range as a i-ii set up takes shape.
However, if the price moves strongly above ~$7050 in the next few days, as marked by the dashed lined, there is the possibility that the bull run has already resumed, and we are one step closer to the moon.
The following move upwards could see Bitcoin go to $100K+ in 2019 to complete the larger degree 3, and drag with it all the other cryptos to new ATHs.
Stay tuned for updates to the chart as the price action evolves!
