Bitcoin / Tether USDShort
Why this dip is different from the others
Updated
I've seen some analysis comparing this recent sell off to the ones previous. The problem I see with this is that it does not take into consideration the cycle. According to Elliot Wave, this matches a perfect 5 wave cycle and this means the entire thing must retrace.
If this is the case, the .618 target is $8000-9000
I have also drawn a channel, with the break from 8K up possibly being seen as an upthrust, with the potential for a low on the bottom of the channel.
Possible low by the beginning of February. Also keep in mind that the candle for the Low will most likely close at my target level. But the actual low may be a wick that quickly touches the .764 during the complete fear stage before quickly bought up. During that time, it will wreck your nerves if you buy at 8K, and it slips to 5k for one day before quickly coming back up.
If this is the case, the .618 target is $8000-9000
I have also drawn a channel, with the break from 8K up possibly being seen as an upthrust, with the potential for a low on the bottom of the channel.
Possible low by the beginning of February. Also keep in mind that the candle for the Low will most likely close at my target level. But the actual low may be a wick that quickly touches the .764 during the complete fear stage before quickly bought up. During that time, it will wreck your nerves if you buy at 8K, and it slips to 5k for one day before quickly coming back up.
Trade closed: target reached
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