BitcoinShort
Bitcoin (BTC) - don't sell your house... just yet!
Updated
The small uptrend we are seeing now in BTC is just a corrective wave B, according to my analysis.
It should bring us into 9,5k - 9,6k territory (or higher, if some FOMO kicks in), and then I expect to see a C wave down.
What are the targets?
1.) If we get a very bullish correction, we could put in a double bottom at around 9k.
2.) More likely is a deeper drop somewhere between the 0.382 and 0.5 Fib-levels, between 8,3k - 8,7k.
3.) Also possible, but hopefully will not happen, is a retracement to 7,9k or even lower.
Only if we retrace lower than 6,640 $ we would be in real trouble, since that would indicate a wave failure, and further corrections (= continuation of the bear market). Let's hope that it does not come to that - but also, let's be prepared for the possibility.
Good luck!
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It should bring us into 9,5k - 9,6k territory (or higher, if some FOMO kicks in), and then I expect to see a C wave down.
What are the targets?
1.) If we get a very bullish correction, we could put in a double bottom at around 9k.
2.) More likely is a deeper drop somewhere between the 0.382 and 0.5 Fib-levels, between 8,3k - 8,7k.
3.) Also possible, but hopefully will not happen, is a retracement to 7,9k or even lower.
Only if we retrace lower than 6,640 $ we would be in real trouble, since that would indicate a wave failure, and further corrections (= continuation of the bear market). Let's hope that it does not come to that - but also, let's be prepared for the possibility.
Good luck!
If you find this post useful, please hit the Like button, and/or leave a comment. Thanks!
Note
If my analysis is correct, we will actually form a classic Head & Shoulders pattern, which I'm sure many analysts who don't use Elliott wave theory will be eager to point out, soon.They can then trade the brakeout from the neckline, while we can sell at the high of wave B, as soon as we see that this analyis might be correct.
Trade active
Wow, that was an incredible crappy B wave, if it's already completed - but maybe it was just the half of it yet.Note
Looks like this was B indeed. Now let's see how far down we go.Note
Well well, looks like the real "fun" started.That B wave looks very strange indeed, but let's assume that it was a valid B wave for now.
If wave C will have the same length as A, then our target is around 8,370$.
Mind you, C can extend way over that, but it can also be truncated - so be careful.
Note
We are getting closer and closer to my target.If we get down there, it's very like that we will touch the 50% Fib-level, which is at 8,300$.
Note
*very likelyTrade closed: target reached
My target is reached, hopefully we will get a bounce from 8,3k.Otherwise next stop is 7,9k.
Note
I believe that this correction is done, but of course you can never be sure with BTC.It can always dump more than you think.
Note
And finally the bigger picture:Note
BTC has formed a nice triangle, which often appear at the end of C waves.We are breaking out of it just as I write this.
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