Bitcoin in for a long awaited correction -40% in a month?
Updated
Hello dear followers,
Bitcoin is getting the blow off top everyone has been waiting for. If this continues and follows the same proportions as in the last bull market, we can expect a 40% drop. Also the price usually comes down to the 20 week MA. I have extrapolated this moving average in the chart. I expect a ABC correction, first down to the bottom of the upwards channel, then up to make a right shoulder and then completing the ABC and for the ‘Head and shoulders fans’ the possible head and shoulders pattern.
This is my own hypothesis and not trading advice. What do you guys think?
PS: You can also take a look at my SOLVEBTC idea and possibly leave a like
Trade safe!
Bitcoin is getting the blow off top everyone has been waiting for. If this continues and follows the same proportions as in the last bull market, we can expect a 40% drop. Also the price usually comes down to the 20 week MA. I have extrapolated this moving average in the chart. I expect a ABC correction, first down to the bottom of the upwards channel, then up to make a right shoulder and then completing the ABC and for the ‘Head and shoulders fans’ the possible head and shoulders pattern.
This is my own hypothesis and not trading advice. What do you guys think?
PS: You can also take a look at my SOLVEBTC idea and possibly leave a like
Trade safe!
Note
44% drop now completed. It took 3 months.
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