BITCOIN: we are not far away from the end of the correction
Is there fear in the streets for BTC and Cryptos ?
YES and this is good.
As I have mentioned in previous analysis BTC and other Cryptos are correcting in a 5 waves move down.
BTC is under pressure, we see liquidations, we see anxiety and these are typical situations as to 5th waves down.
So we are having the last moves of a 5th wave down for BTC which could reach until the end of July to $25000 or lower (close to $23000).
As I have already stated, I am a long term investor of Bitcoin and I will gradually start buying as soon as it tests the $25000.
Another strategy is to wait for a bottom to be in place which means that after the drop of wave 5 prices should stabilise before going up.
But as I said, what matters to me is the big picture, the major patterns.
We are having the 5 waves move down since April for BTC/USD and we are not far away from the end of this move.
YES and this is good.
As I have mentioned in previous analysis BTC and other Cryptos are correcting in a 5 waves move down.
BTC is under pressure, we see liquidations, we see anxiety and these are typical situations as to 5th waves down.
So we are having the last moves of a 5th wave down for BTC which could reach until the end of July to $25000 or lower (close to $23000).
As I have already stated, I am a long term investor of Bitcoin and I will gradually start buying as soon as it tests the $25000.
Another strategy is to wait for a bottom to be in place which means that after the drop of wave 5 prices should stabilise before going up.
But as I said, what matters to me is the big picture, the major patterns.
We are having the 5 waves move down since April for BTC/USD and we are not far away from the end of this move.
Comment:
Waves 1 to 5 down since April have ended.
Have we seen the 5th move down?
Well, its not clear yet. I need more to say that.
It is certain that there is support around $30,000 for Bitcoin but we could see a brief drop below these levels which will be the best to end the 5th wave. I would like to see more pain, more negative sentiment. One thing is clear to me: IF the price of BTC goes down towards $25,000 or maybe a little bit lower it will be a huge opportunity to buy this asset. Buy it for you, for your children. Do not think that its the end of Cryptos. We are just seeing the start of this era. Big financial institutions are trying to become the big players and of course in a big % they will succeed. This is a new field of profits for them and they want this market to be in good health. More and more portfolio managers will gradually include Cryptos in portfolios. And never forget that the key for offer and demand is how much of a specific Crypto is there available in the market. Well, as to Bitcoin, not much. Therefore I expect a bright future.
This of course is my opinion. Please do your own research before investing.
Thank you for your time.