- A possible counting shows we are in correcting wave 2 of superwave 3 (2/3), being $1200 -> $20.000 impulse wave 1/3
- Comparing with 2011 wave 1/1 , fibonacci time measurments point a similar ratio has already been fulfilled
- Retracement (bear market) should be over as soon as it closes above 50day MA
- Don't expect strong volume reversal nor new ATH soon
Ignore those calling for an end to the bear cycle. Keep shorting. We need a full ABC correction to get a deep and consistent bottom to start over again. BTC need to sweep off weak hands and long term inverstors (hodlers) won't put any money until it touches at minimum 5k. "Patience is not simply the ability to wait - it's how we behave while we're waiting." Joyce Meyer
Right now BTC seems to have bounced in one of the fibonaccis $9440 but it doesn't seem to be forming a reversal.
My chart shows what I think is the last line of defense. If BTC doesn't hold on this one I'm out.