ale111
Short

"BTC/USD" where is the next stop?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After the bull run to the 20k usd, btc started the correction. When will the correction finish? Are we at the bottom? It's ready to go up again?
In my opinion, not yet. The chart is forming a descending triangle: I think that first of all, btc has to touch the blue dashed line (base of the triangle) for the 3rd time (6200 usd area). From this point we could have a bounce ( blue arc) or a dump to the red line (support in area 5500 usd).
Looking at the Elliot wave there is a possibilty to see 3500-3000 usd area. This theory is confirmed by the cycles too. Looking at the past we had the same correction in 2014-2015. It was a 3 years cycle (full 3 year Elliot cycle). This could be another 3 years cycle and we could be at the end.
Honestly, I don't think we will reach 3000 usd now, but a dump in 6200-5600 usd area is very possible. If the last support (5500 usd) won't holdm another dump will arrive. Stay safe guys and wait to open every position!
Where is the next stop? Way down there.
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