Hello dear followers. While the media is trying to FOMO people about BTC price getting higher and higher and that Altcoins season has started. I see different signals in the graphs. Both BTC and altcoins are heading towards a price correction of -30%.
BTC is currently at the end of an Elliot wave 5 which is usually followed by a corrective abc wave. First wave a could be a correction of -30%.
Always around Christmas and New Year there is a price correction also during bull markets this type of corrections are common.
For the Long term BTC is moving in a cup and handle with a price target of $120.000, but on the 1H, 4H and 1D grapsh I see BTC price moving in a bearish rising wedge which is usually followed by a correction all the way back to where the price increase started.
So please be carefull and don't FOMO into crypto right now.
BTC is currently at the end of an Elliot wave 5 which is usually followed by a corrective abc wave. First wave a could be a correction of -30%.
Always around Christmas and New Year there is a price correction also during bull markets this type of corrections are common.
For the Long term BTC is moving in a cup and handle with a price target of $120.000, but on the 1H, 4H and 1D grapsh I see BTC price moving in a bearish rising wedge which is usually followed by a correction all the way back to where the price increase started.
So please be carefull and don't FOMO into crypto right now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.