As panic sets in knowledge is power!
BTCUSDT- The first 6 months of the year we had vertical parabolic movement for BTC...This was almost unnatural growth.
- Of course what goes up must come down, and the steeper the move up, the sharper it will come back down
- Some in the market thought the first pullback to the 38.2 FIB was the expected internal correction, but that was always unlikely since there is only a 12% chance of that
- If you followed my trades you would have seen that I personally decided to remain short until a pullback to at least the 50% Algo, but the market never dealt that hand at that time, and instead went sideways for months
- Today however it did correct... Not getting a decent pullback was an unhealthy scenario, since BTC was bound to run out of steam. This played out as a wave failure that corrected as a WXY.
- My sort turned out to be spot on since we just hit the (Y) to the tick
- This is a much healthier situation going forward in my opinion, as we can now move up in a more organic way, if the low is in (and it may not be) then wave 3 could for instance reach a minimum of 25k (new all time highs)
- There is a possibility we may go lower in the short term, depending on market acceptance
Good luck with your trades!
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