Despite the large correction to shake out the weak hands and overleveraged players, BTC is still essentially running sideways. Recall last year we were running sideways seemingly forever before the break out. Nothing goes up in a straight line. It's sometimes useful to put things in perspective. The breakout last year was around the 10K mark. We're roughly 5X that even with the pullback. That's still an incredible gain. So keep your eyes on the prize. I'm looking for a $120,000 target if the fifth wave is similar to the first.
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Lots of symmetry on the hourly chart starting around Apr 23. We look to be at or near at least a short term bottom.
So it looks like we could still dip to the low 40s and still be within this sideways pattern or movement. It looks like more weakness this morning.
asodaforbabyyoda
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@Oakeso1, I don't know if we'll get it, but a decline down into the Feb 28 low of 43K would make the pattern more complete.
Oakeso1
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@asodaforbabyyoda, I see weakness today. So many ALTS making huge gains. Pretty much everything except LTC. As a long term investment, I could see buying now. But short term I see weakness.
asodaforbabyyoda
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@Oakeso1 Yep. Nice dip in the markets. BTC hit 43K. LTC looking good.
Oakeso1
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@asodaforbabyyoda, Yes, we saw LTC go down to 280 which wasn't bad considering, and not that far below support at 300. I can't help but feel that by this time next year we will be looking back at BTC for 45K and LTC for $300 and kicking ourselves we didnt buy as much as we could at these levels.