mukit1

BTC: is 50k coming before 100k?

BITSTAMP:BTCUSD   Bitcoin
BTC and crypto market volatility has increased quite a bit. The negative news cycle is starting to pierce the bubble a little bit. Whenever you see you tube videos, X posts and news articles predicting a million percent in 20 days and anyone trying to point at the froth getting bashed to oblivion, you know it is time for a correction. In my opinion, this bull market is far from over. But this bus needs to slow down a bit to reload. Usually, a wave 4 correction is meant to shake out and confuse people. Wave 2 was a pretty controlled correction, so wave 4 will most likely be volatile. We might see drops back to 49 K and whiplash on both sides for the next 1 to 2 months. After that a sharp leg to complete the Minute degree 5 waves to 100k or close to it to complete the minor degree wave 1. Now, in true BTC fashion, this theory can be thrown into question if price make another higher high before the wave 4 correction starts, but either case, this is not the time to sell. Watch the higher time frame RSI. There should be a bearish divergence before the real sell signal flashes.

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