CORRECTION IS DONE WELCOME IN KRACH.
Updated
Behind this little defiant title i see a part of truth : After a massive correction like that, market volatility need to calm down to attract investors and that take time... If you look at the 2014 krach (to stay in Bictoin chart, because there are so much others exemples of krach in the stockmarket) it took more or less 1 year, to keep calm, reduce volatility and comeback steadily to the rise.
The EW i drew are only here to give an idea to where you go, i don't expect the price to exactly follow it even if i drew it considering the different keys supports and resistances (daily / weekly WMA, ascending supports/resistances / fibonacci retracements areas, etc...).
During the massive dip to 5900$ we quickly broke the ascending support in red and somedays ago we dit it again.
Possibility of cross 34 WMA and 89 have been rejected and the ascending triangle (or bear flag) have breakdown on the RSI.
My final target in the comings weeks/months is around 3000$ area where i expect a strong support from the massive support in red who hold all our krachs and worst corrections since 4 years. The price will probably consolidate in this zone before the resume of a new bullish-cycle.
I think all informations are already in the chart. If you are not sure about something please tell me in the comments.
Please remember, i'm not a financial advisor i do it only for my personal entertainment and trading. Do your own research.
The EW i drew are only here to give an idea to where you go, i don't expect the price to exactly follow it even if i drew it considering the different keys supports and resistances (daily / weekly WMA, ascending supports/resistances / fibonacci retracements areas, etc...).
During the massive dip to 5900$ we quickly broke the ascending support in red and somedays ago we dit it again.
Possibility of cross 34 WMA and 89 have been rejected and the ascending triangle (or bear flag) have breakdown on the RSI.
My final target in the comings weeks/months is around 3000$ area where i expect a strong support from the massive support in red who hold all our krachs and worst corrections since 4 years. The price will probably consolidate in this zone before the resume of a new bullish-cycle.
I think all informations are already in the chart. If you are not sure about something please tell me in the comments.
Please remember, i'm not a financial advisor i do it only for my personal entertainment and trading. Do your own research.
Note
I have the feeling that we are in a consolidation ABCDE triangle and will retry 7k area before going deeper in the krach.Trading is about patience and probability. Play it safe.
Note
Work in progress. Everyone is celebrating a double bottom, i don't trust it. I think bulls will not be able to pass 8400-8600 area.Note
Psychologie of crash is still in play.
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