Hey Everyone,
Based on the recent events, I think we can more clearly predict what will happen to BTC. I think a lot of people are questioning right now whether or not we'll correct further, and I hope with this analysis we can paint a better picture.
During the 2017 bullrun, we had an average correction of about 37%. As you can see, we have only corrected 31%. Although we are in range of the average, we are still on the low side and by a good amount. Furthermore, when looking at the chart, I still think we are in a correction phase in this is a bull trap.
From my previous analysis, we identified a symmetrical triangle and we clearly corrected below it. We experienced a significant correction, dropping to 28k before coming back up to 33k. However, as we can see, we tested the 34k structure before currently heading downwards, closely following my predicted path from before. The key support level I'm looking at is the 30-31k. Although the 30k level has been strongly held 3 times, it is likely the next time we touch 31k we will drop back down further. If we break 31k, then I will be bearish in the short term and look to accumulate in the mid to low 20ks. However, if we can cleanly break and stay above 34k and 37k, I beleive it will be likely we have finished our correction and can continue forward.
Remember: the current trend suggests bearishness over bullishness. Although we are overall bullish, it is important to control our emotions and not get carried away by the hype. Everyone is excited, but we still need to understand that we can correct further and should slowly DCA our way into these dips as opposed to buying when we're pumping and sell at corrections.
Good luck everyone!
Based on the recent events, I think we can more clearly predict what will happen to BTC. I think a lot of people are questioning right now whether or not we'll correct further, and I hope with this analysis we can paint a better picture.
During the 2017 bullrun, we had an average correction of about 37%. As you can see, we have only corrected 31%. Although we are in range of the average, we are still on the low side and by a good amount. Furthermore, when looking at the chart, I still think we are in a correction phase in this is a bull trap.
From my previous analysis, we identified a symmetrical triangle and we clearly corrected below it. We experienced a significant correction, dropping to 28k before coming back up to 33k. However, as we can see, we tested the 34k structure before currently heading downwards, closely following my predicted path from before. The key support level I'm looking at is the 30-31k. Although the 30k level has been strongly held 3 times, it is likely the next time we touch 31k we will drop back down further. If we break 31k, then I will be bearish in the short term and look to accumulate in the mid to low 20ks. However, if we can cleanly break and stay above 34k and 37k, I beleive it will be likely we have finished our correction and can continue forward.
Remember: the current trend suggests bearishness over bullishness. Although we are overall bullish, it is important to control our emotions and not get carried away by the hype. Everyone is excited, but we still need to understand that we can correct further and should slowly DCA our way into these dips as opposed to buying when we're pumping and sell at corrections.
Good luck everyone!