NOT FINANCIAL ADVICE
Now I am not Nostradamus and know that even a broken clock tells time correctly twice a day.
I am not saying we are gonna crash (although I have been predominantly bearish), but I will not shy away from dubiously speculating just how low it might go if ever this is the start of a short-term dip.
First off, congrats to all those who rode their
BTC all the way back past previous ATHs!
So why is there a dip currently? Crypto is supposed to go all the way to the moon, right? Hmm.
The huge amount of sell pressure spells institution-level risk-off strategies taking place, and here we have to ask ourselves, what do smart money know of that we do not?
Sure FUD exists, but is there enough to suppress the recent ATH's joy? Only Evergrande and the CCP will know for sure..
With this Elliot Wave count, we can extrapolate that a good impulsive Primary Wave 1 is completed.
This dip could be the beginning of a Corrective Wave 2, with a target to reach 0.5 to 0.618 fib levels.
The price targets for this dip will be between $43k to $47k.
Can the price go below this range? Sure, the possibility exists, but the probability will be low, aka unlikely, as I do not think that this is going to be a major dip.
That major dip will come circa Q1/Q2 2022.
& with that, happy trading~
Now I am not Nostradamus and know that even a broken clock tells time correctly twice a day.
I am not saying we are gonna crash (although I have been predominantly bearish), but I will not shy away from dubiously speculating just how low it might go if ever this is the start of a short-term dip.
First off, congrats to all those who rode their
BTC all the way back past previous ATHs!So why is there a dip currently? Crypto is supposed to go all the way to the moon, right? Hmm.
The huge amount of sell pressure spells institution-level risk-off strategies taking place, and here we have to ask ourselves, what do smart money know of that we do not?
Sure FUD exists, but is there enough to suppress the recent ATH's joy? Only Evergrande and the CCP will know for sure..
With this Elliot Wave count, we can extrapolate that a good impulsive Primary Wave 1 is completed.
This dip could be the beginning of a Corrective Wave 2, with a target to reach 0.5 to 0.618 fib levels.
The price targets for this dip will be between $43k to $47k.
Can the price go below this range? Sure, the possibility exists, but the probability will be low, aka unlikely, as I do not think that this is going to be a major dip.
That major dip will come circa Q1/Q2 2022.
& with that, happy trading~
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.