BTC: Path will be clear within a month
Updated
More of a reminder for myself:
BTC had a remarkable run during the past couple of months and it is going parabolic. Everyone's parabola is showing something else. I have the 100k/BTC narrative for December 2019 in mind.
BTC is due for a correction. We are between .5 and .618 of Fibonacci retracement between ATH and Dec 2018 lows, which is the area where most likely a 40% retracement will occur, which is somewhere between .618 and .5 of Fibonacci retracement between Dec 2018 lows and current high.
The market has two theories sofar:
1) This is the new bull run
2) This is Wave B of an ABC correction from ATH
If 1)
We shouldn't close below .5 Fibonacci Retracement
AND
We shouldn't break the parabola
If 2)
We will break the parabola and have another 80%+ correction, which in this case would have a minimum target of 2600$
Whichever way, we will know within a month.
PS for anyone reading: This isn't a financial advice and based on a narrative that we are on a parabolic growth to 100k within the next 6 months. It sounds delusional, it might be but BTC can be delusional...
BTC had a remarkable run during the past couple of months and it is going parabolic. Everyone's parabola is showing something else. I have the 100k/BTC narrative for December 2019 in mind.
BTC is due for a correction. We are between .5 and .618 of Fibonacci retracement between ATH and Dec 2018 lows, which is the area where most likely a 40% retracement will occur, which is somewhere between .618 and .5 of Fibonacci retracement between Dec 2018 lows and current high.
The market has two theories sofar:
1) This is the new bull run
2) This is Wave B of an ABC correction from ATH
If 1)
We shouldn't close below .5 Fibonacci Retracement
AND
We shouldn't break the parabola
If 2)
We will break the parabola and have another 80%+ correction, which in this case would have a minimum target of 2600$
Whichever way, we will know within a month.
PS for anyone reading: This isn't a financial advice and based on a narrative that we are on a parabolic growth to 100k within the next 6 months. It sounds delusional, it might be but BTC can be delusional...
Note
Here is what happened during the start of the last bull market:
BTC touched .618 Fib Retracement from 2013 highs to 2015 lows then retraced to .5
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