Bitcoin currently sits around $8,500. But the question is, is it going down more? Or, is this the bottom?
Well, we topped at $13,800, and hit $8,000 yesterday... that's a more than 40% correction. So, is it over?
This is quite an easy chart to compare. When we look at the Fibonacci retraces of the Bitcoin market, we can see it has followed identically to the previous cycle.
Judging by the past, I'd say this is a strong ***BUY***.
If it goes lower than this, to say, $7,800... watch out. It may go much lower. That will mean we have deviated away from our known cycle pattern. A pattern we have followed identically, from a Fibonacci perspective, for OVER 21 months.
This is like the best buy you'll ever get, EVER, EVER again.
Good luck.
::Rocket::
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In addition, we also were hitting the 200-Day Moving Average at this point in the previous cycle.
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I'm also peaking around at other ideas right now, and you can get a general consensus of how retail traders are feeling right now.
"Short" ideas are getting way more thumbs up than "Long" ideas are. Indicating that many retail investors (TradingView audience) panic sold yesterday and want the price to go lower so they can buy back in at a cheaper price than they sold at. We saw this exact same phenomena when Bitcoin was below $4,000.
Also, the Crypto Fear and Greed Index is in "Extreme Fear", at 15/100.
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Every single idea on the front page of Tradingview when sorted by “most popular”, with the most bot traffic and thumbs up, is for short ideas. As a retail trader, most have sold in sheer panic, or are being psychologically manipulated and deceived to sell below $8500.
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In the last bull run, there were four corrections that were 40%, and three corrections that were 30-35%. Trust me, you don't want to be the dingus who sells at the bottom of these types of corrections. Either you sell in an upward move and then buy after it does a 30%+ correction, or you ride it out.
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Here is an idea I posted several months ago. This seems to be the one playing out. Hit play. Targets hit on chart perfectly. It also has a detailed wave count.
Sure, but we haven't had a reversal candle yet..or a bullish divergence. we either need that or a consolidation and then shoot up.
UnknownUnicorn2014765
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I have been following this to. I think you're spot on and it's refreshing to see someone else watching the exact same chart.
vicsp
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What I said happened. This is wrong.
Get RKT.
genx7781
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No new idea?
Spectra10101
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sexy !
MMouffok
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Hi, you can not use the "Fib Retracement" tool on a logarithmic chart because it does not scale with such axis. Try using the "Fibonnachi Channel" one which scales correctly on logarithmic charts, results will be far more accurate.
WorldEconomics
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Very well could, but, there will be a deeper sell off
SecludedJ
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@BankofEngland, If we are following the previous cycle, like we have for 21 months, then no, we will not have a deeper selloff. The -42% correction is over.
WorldEconomics
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@SecludedJ, - People said this before.. when it sold from $13,900 to $9,000 yet it still fell. People said it would sky rocket when Fidelity and Bakkt adopted Bitcoin, yet, it still fell.
SecludedJ
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@BankofEngland, "Fool me once, shame on you, fool me twice, shame on me, fool me three times... not going to happen."
(And that's where you change strategy, it reverses, and you got fooled a third time.)