BTC -90% ? MAJOR CORRECTION IS COMING.
Updated
Hello guys, a lot of analyst (me including) are too often focus on the 1h/4h or at the best 1day chart, which is good for traders but don't really show us where we are going.
First of all I would like to call back that correction and especially the biggest are HEALTHY and are a good opportunity to invest or strengthen a position.
This chart is really simple, and in fact it's only a possibility, but days after days this possibility looks more and more likely for me. If you dezoom and look at the weekly chart you can see more or less the same pattern of the crash of 2013 end and 2014. For the first time in near 4 years, the chart looks to flirt with bearish woods : RSI (Relative Strength index) is at the border (blue line is our crucial RSI support to hope for a new rise). For the first time since 2014 both MACD lines just touch what is a very bearish signal.
And the weekly chart is almost identical at the one of 2013/2014 : bullrun during 2 years with no real correction and then a weekly decline to -90% of the ATH.
We actually achieve -50% of the ATH and then maybe only half our actually correction...
BUT, because there is a but, IT WOULD NOT BE A CRASH OR THE END OF THE CRYPTO WORLD. After correct during 1 year in 2014 BTC jump from 100$ to 20000$ so we could see the beginning of new parabolic cycle in the comings months/years to 100 000$...
As quickly show with my basic Elliot Wave ABC correction, in this scenario my target would be around 2500 and 3000$. Further correction are possible, but i don't expect the price go very more low than 2000 so buy at 2500 and hold some weeks/months looks reasonable, and in the best case you just buy the perfect price :).
Goodluck everyone and have a nice day.
Feel free to post your minds, agreements and disagreements are always welcome when they are supported by arguments.
I'm not a financial advisor, i only do it for my personal entertainment, do your own research.
First of all I would like to call back that correction and especially the biggest are HEALTHY and are a good opportunity to invest or strengthen a position.
This chart is really simple, and in fact it's only a possibility, but days after days this possibility looks more and more likely for me. If you dezoom and look at the weekly chart you can see more or less the same pattern of the crash of 2013 end and 2014. For the first time in near 4 years, the chart looks to flirt with bearish woods : RSI (Relative Strength index) is at the border (blue line is our crucial RSI support to hope for a new rise). For the first time since 2014 both MACD lines just touch what is a very bearish signal.
And the weekly chart is almost identical at the one of 2013/2014 : bullrun during 2 years with no real correction and then a weekly decline to -90% of the ATH.
We actually achieve -50% of the ATH and then maybe only half our actually correction...
BUT, because there is a but, IT WOULD NOT BE A CRASH OR THE END OF THE CRYPTO WORLD. After correct during 1 year in 2014 BTC jump from 100$ to 20000$ so we could see the beginning of new parabolic cycle in the comings months/years to 100 000$...
As quickly show with my basic Elliot Wave ABC correction, in this scenario my target would be around 2500 and 3000$. Further correction are possible, but i don't expect the price go very more low than 2000 so buy at 2500 and hold some weeks/months looks reasonable, and in the best case you just buy the perfect price :).
Goodluck everyone and have a nice day.
Feel free to post your minds, agreements and disagreements are always welcome when they are supported by arguments.
I'm not a financial advisor, i only do it for my personal entertainment, do your own research.
Note
ATH : mean All Time HIgh, i don't know why Tradingview link me this shit ahaNote
If we have a daily close under 200 WMA (more or less 10k$) then i think we could see a drop to 7200-6800$ in the comings hours/days.Note
Work in progress ;)Note
Nearly done.Trade closed: target reached
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