The long anticipated bitcoin correction is finally here.
2 potential scenarios:
A. in yellow: bitcoin made a 1-2 i and we are expecting a wave ii correction which is often deep, retracing as low as 0.786, which will shake many week hands, and give another chance for big players to further accumulate.
target is in the green box, possible sub 10k retracement (6500$).
B. skyblue: bitcoin completed its wave 3, topping around 42k. as wave 2 was deep, following Elliott wave principle one would assume that the retrace will be shallow, and target would lay around 23k, with possibility to dive towards 16k.
Please note, this is my view and not a financial advise.
2 potential scenarios:
A. in yellow: bitcoin made a 1-2 i and we are expecting a wave ii correction which is often deep, retracing as low as 0.786, which will shake many week hands, and give another chance for big players to further accumulate.
target is in the green box, possible sub 10k retracement (6500$).
B. skyblue: bitcoin completed its wave 3, topping around 42k. as wave 2 was deep, following Elliott wave principle one would assume that the retrace will be shallow, and target would lay around 23k, with possibility to dive towards 16k.
Please note, this is my view and not a financial advise.