Fellow Fools, Trader's and Crypto Enthusiasts. How are we all doing with this crypto carnage? Did you have your plan in place? Is it working? Whatever you you have or had going for you, we hope it's going as expected.
The current drop that is happening is one we have been anticipating and warning our subscribers about. While it's happening a little sooner than we anticipated, here we are with what's currently going on. If we study the last 2017 bull market cycle we can see that 30% drops are in fact very common place and happen frequently as the crypto market moves up. If you think otherwise, you are fooling yourself. We even had a 45% drop at one point during the 2017 bull cycle! Because of this it's important to be prepared and have some type of strategy that you are using to ensure that you are on track with the objectives you are trying to accomplish.
Currently, BTC has declined about 24% from it's recent high. The good news here is that it has almost cycled to it's usual 30% drop area. While 2017 was quite different, we can look to the recent past and see what happened. During that time we spike down quite hard and then rebounded almost to the high again before slowly declining over the next 2 weeks. While history doesn't repeat, it often rhymes and we could see something similar play out in the coming weeks.
Watch this BTC $45,000-$46,000 area, if this does not hold it invalidates this current thesis.
Cheers, TCF
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From our past analysis, we got the spike up in BTC we were anticipating but not quite as high as we thought. From here, if #Bitcoin can't hold this $45,000 area, we are most likely going to see $40,000. Make sure you are laddering your positions and assessing your risk.
Thanks and I would agree that we will get a partial retracement of 61% + and then end up in wedge shape structure for a time after which we get back on the bull wave.
But this correction is part and parcel of riding the Bitcoin wave. No pain no gain.
BelowZero
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Thanks for your great analysis, and for being a calm voice during the madness.
Despite BTC loving 30% corrections, I wasn't expecting it would go so deep this time...
Fooled by BTC, once again :)
Lanz3r
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Don't forget during this bull run we had a 54% drop from 13,900 to 6,400 and if you put the COVID drop in there to 3,800 then it's a 73% drop! We also corrected from 41,900 to 28,800 for a 31% drop just last month! These drops are healthy and necessary for the run to continue
I think a drop to the trend line around 40K is possible but unlikely to go down much further than that and if it does it will get gobbled up quickly
fxnewbie12
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is the correction over?
sailor0427
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@fxnewbie12, it will take days to weeks to play out. if your asking was it the bottom, i would say not yet. this had to happen and i watched expecting its start since last thursday
But this correction is part and parcel of riding the Bitcoin wave. No pain no gain.