A lot of technical damage has been done recently. RSI, MACD, broken trend lines, upper support levels, etc. indicating that the trend is changing short term. Further downside is certainly possible and may even be probable, however not without a correction to the correction. Nothing goes straight up or straight down forever. BTC is reaching a key point of support and Fib level previously mentioned in other posts. A significant bounce would be expected at the end of Wave C and Wave 5 anywhere between $8.8 - 9.1K (1.272 Fib area) After that counter-rally it will be time to re-evaluate to see if the major correction is over, or if this is just a breather before further down side. (7K-8K range) A 40% total correction is down around the 1.618 Fib on this chart for a percentage reference. Also for a point of reference, those two blue boxes are exactly the same height showing the symmetry of this latest move. And finally, the highlighted channel I put on the chart looks very much like the head of an extremely LARGE bull flag does in not? (something to keep in mind) Long term I am still extremely bullish, short term we still have to feed the bears a little poisoned meat to occupy them so we can circle around the path and continue up this mountain. :0)
Good luck out there
BBS out
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A 4 Hour view of the same chart. The current price action looks like it wants to head to the lower Fib Line
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Nice bounce off the Fib. Maybe we will get a decent pullback at this time.....
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A 2 hour view of the bounce.
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I'm a beliver so I'm going to put on another long in the $9.4 - $9.5 range as best I can. You can see the range on the current Fibs.
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Maybe I sart around 9.6
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Actually I think I'll wait. It might play out something like this 3 minute chart.
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Or the ABC is done right here.
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The 15 minute view looks more accurate. Somewhere between 9450 and 9550 might work well for me
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It just depends what happens at the 50% Fib. Bounce or head for the ever coveted .618?
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If in fact the sub-wave 5 of the BIG Wave C is finished, then the 5 wave up followed by a 3 wave ABC makes sense if we are to move higher from here. That's why I am taking a long entry down here. If the MMs are just mucking with me and the BIG C Wave is not over, then I'll take my calculated chances.
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Yep, it looks like that's all we are going to get to the downside. A perfect bounce off the .38% Fib.
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I had to FOMO off the .38% a bit because my OCD demanded that I round off my total BTC holdings to a round number. LOL
At any rate, I hit my goal and now all I can do is sit back and watch...….
@kaiserjacob, Sure, there's always that chance but how do I say for sure? I can't. Some are saying this is the bottom of this correction while others are looking for lower prices still. The only way to know for sure is if we break this support level and continue lower. The one thing hinting that we may get lower prices is the dancing around the current fib level without busting through and racing higher. We could turn here and touch the lower Fib again but does that mean we will break through and go South or just make some sort of double bottom on the lower time frames and race higher again? BTC can be one fickle bitch. The only thing we know with 100% certainty is there will never be more than 21 million BTC. ever. My assumption is that those who believe in BTC are trying to put as many BTC or Satoshi in their pile as possible before everyone else does. For the non-believers it's just another trade. If I were to go long here I would wait for a bit of a pull back, at least half (9500 is or lower) and put my stop below 9K. If I were to short I would wait for a confirmed break of the low today and put my stop above that Fib. Some may have better strategies but that's the general idea. Not trading advice, just one idea of how I might play it.
Trap: BTC below $10,000 for the last time!