Long

Bitcoin - A correction to the correction

Updated

A lot of technical damage has been done recently. RSI, MACD, broken trend lines, upper support levels, etc. indicating that the trend is changing short term. Further downside is certainly possible and may even be probable, however not without a correction to the correction. Nothing goes straight up or straight down forever. BTC is reaching a key point of support and Fib level previously mentioned in other posts. A significant bounce would be expected at the end of Wave C and Wave 5 anywhere between $8.8 - 9.1K (1.272 Fib area) After that counter-rally it will be time to re-evaluate to see if the major correction is over, or if this is just a breather before further down side. (7K-8K range) A 40% total correction is down around the 1.618 Fib on this chart for a percentage reference. Also for a point of reference, those two blue boxes are exactly the same height showing the symmetry of this latest move. And finally, the highlighted channel I put on the chart looks very much like the head of an extremely LARGE bull flag does in not? (something to keep in mind) Long term I am still extremely bullish, short term we still have to feed the bears a little poisoned meat to occupy them so we can circle around the path and continue up this mountain. :0)

Good luck out there

BBS out

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A 4 Hour view of the same chart. The current price action looks like it wants to head to the lower Fib Line

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Nice bounce off the Fib. Maybe we will get a decent pullback at this time.....

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A 2 hour view of the bounce.

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I'm a beliver so I'm going to put on another long in the $9.4 - $9.5 range as best I can. You can see the range on the current Fibs.

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Maybe I sart around 9.6

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Actually I think I'll wait. It might play out something like this 3 minute chart.

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Or the ABC is done right here.

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The 15 minute view looks more accurate. Somewhere between 9450 and 9550 might work well for me

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It just depends what happens at the 50% Fib. Bounce or head for the ever coveted .618?

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If in fact the sub-wave 5 of the BIG Wave C is finished, then the 5 wave up followed by a 3 wave ABC makes sense if we are to move higher from here. That's why I am taking a long entry down here. If the MMs are just mucking with me and the BIG C Wave is not over, then I'll take my calculated chances.

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Yep, it looks like that's all we are going to get to the downside. A perfect bounce off the .38% Fib.

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I had to FOMO off the .38% a bit because my OCD demanded that I round off my total BTC holdings to a round number. LOL

At any rate, I hit my goal and now all I can do is sit back and watch...….

BitcoinBearSlayer

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