I AM A Bitcoin Bull | When Will The Correction Be Over?

I've been receiving some lack of love lately due to the fact that Bitcoin is in correction mode and I am pointing this out... I understand, I AM A Bitcoin Bull!

None of us want to see Bitcoin going down, it is very annoying and our capital definitely drops, doesn't feel nice but I am here reading the charts, for you.

• When the charts are bullish I share bullish.
  
• When the charts are bearish I share bearish.
  

Please keep this in mind.

Once I saw that Bitcoin was about to peak, believing it had peaked, I started sharing those trade ideas warning everybody about what I was seeing.

It has nothing to do with the news, it all came from the charts.
Knowing before hand what will happen can be really helpful, I manage to sell my share almost at the top.

Now the correction is on.

We will have a different look at the BTCUSD chart.

How far lower can Bitcoin go?
For how long will this correction continue?

These are very hard questions, rarely ever I try and predict time estimation but instead focus on direction.

I can look at the charts and see when a breakout or breakdown is about to take place, but when this happens exactly is whole different game.

In this case, we will look at the different scenarios... We are going to speculate.

(1) This is all the is | Correction is over!
This scenario goes with the people that are saying that Bitcoin already hit support. Prices are currently on the 0.382 fib. retracement level coinciding with EMA100, so it should recover and move up.

This is possible but I don't believe this what is going on.
Yesterday we had a strong bearish candle and the first break and close below EMA100 on high volume, this bearish signal is strong.

On all movements, there are pullbacks and retraces; meaning, you can have a small bounce and then see prices drop.

Just like it happened from Thursday to Friday, Bitcoin moved to ~$59,000 only to drop strong.

After yesterday's bearish candle, we need a few more days/candles for confirmation, it can easily go lower...
You can see something like this: or straight down.

(2) Straight down | Correction Continuation!
The next scenario is the possibility to see prices moving straight down within the descending channel Bitcoin is on right now. This is easily possible.

We would then see a bounce on the next support.

(3) Full Blown Shakeout | Give Me The Long-Wick!
The last scenario can be what people least expect but still possible and that's the huge/fast sudden drop.

We are bullish.
We are still aiming higher, $80,000, $100,000 or more.
For this to happen, the whales first need to load up, this is normally done by shaking out weak hands, panic can be caused with a very strong drop.


We see a strong drop breaking down support followed by a very long lower wick.
After the last support is hit, prices can recover and we see everything going back to green.

Personally I am going with a mix of the second and third scenarios, where Bitcoin moves a bit lower, becomes a little shaky and then resumes growing.

This can take anywhere between 1-3 weeks.
This is just my guess.

I do not predict these markets. All I do is buy before the breakout and sell when the price of a pair increases.

If the market is about to go bearish, I sell for profits and then go back to sleep!

What about you, for how long do you think this correction will continue?
How low do you believe that Bitcoin will go?

Share with us in the comments section.

Thanks a lot for your amazing and continued support.

Namaste.