The signs when Bitcoin recently dumped and a bullish case [EW]
(BITFINEX:BTCUSD*66+COINBASE:BTCUSD*12+BINANCE:BTCUSDT*46+BITSTAMP:BTCUSD*19+HITBTC:BTCUSD*6)/149
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The signs were there when Bitcoin was about to dump if you incorporate some Elliot Wave and stock analysis. During the recent run to 10k Bitcoin did show bearish patterns prior to dumping to where it is now. Classic symmetrical triangle leading to the last impulse in price upwards. And when price did fall it formed a sneaky nasty Head and shoulders top as seen on the chart.
So what are the signs of this correction? Well Bitcoin is putting in a symmetrical triangle again at the moment! So maybe the next significant price dip will be the last before a trend reversal. It will be important to keep an eye out when Bitcoin reaches the .88 Fib which is also around a cluster of support. Many people will be burnt out of the market by this time. If you're a bull it looks like an opportunity for a good risk reward with a tight stop!
Let me know your thoughts I am learning still after years. Thanks!
So what are the signs of this correction? Well Bitcoin is putting in a symmetrical triangle again at the moment! So maybe the next significant price dip will be the last before a trend reversal. It will be important to keep an eye out when Bitcoin reaches the .88 Fib which is also around a cluster of support. Many people will be burnt out of the market by this time. If you're a bull it looks like an opportunity for a good risk reward with a tight stop!
Let me know your thoughts I am learning still after years. Thanks!