Based on the chart, and fractals observed thru out this correction - and using a ratio analysis of both price action and time....i believe there is a high probability to see BTC reach a lower low.
Based on the chart pattern and elliot wave count, i think the "e wave" is where we are within this cycle down, and that means correction is nearly complete. But it will not be done until the bottom is tested once more, maybe only momentarily touching down as low as $7800 on or around Feb 1 - 2nd. Or just about another 5 days or so.
Then the bulls will be back to lead the charge onwards and upwards to new higher highs.
history has this way of repeating itself, and after "major" corrections, or sell offs centered on FUD - we see the market come alive and buy like there is no tomorrow.
Look for Volume to decrease as this last wave finishes. After all the sellers exit the market, we will need to see a trend reversal where BTC is once again in a dominant MCAP by percentage vs the ALT coins. So increased volume is to be expected as the PRICE begins to impulse up. AS PRICE moves = Volume will also follow.
Based on the chart pattern and elliot wave count, i think the "e wave" is where we are within this cycle down, and that means correction is nearly complete. But it will not be done until the bottom is tested once more, maybe only momentarily touching down as low as $7800 on or around Feb 1 - 2nd. Or just about another 5 days or so.
Then the bulls will be back to lead the charge onwards and upwards to new higher highs.
history has this way of repeating itself, and after "major" corrections, or sell offs centered on FUD - we see the market come alive and buy like there is no tomorrow.
Look for Volume to decrease as this last wave finishes. After all the sellers exit the market, we will need to see a trend reversal where BTC is once again in a dominant MCAP by percentage vs the ALT coins. So increased volume is to be expected as the PRICE begins to impulse up. AS PRICE moves = Volume will also follow.