correction should continue
Updated
my bias is that we are still not completely done with correction. I expect that later in 2019. This bullish correction should continue. But I believe the correction from 20k should continue as well.
every upward correction in this bear market has come up to the .5 to .68 region and I expect the same here.
every correction has lasted around 27 or so days.
Im currently long and will not think to sell without strong reason until we get to 25ish days since we hit the low. At that point, I will be keeping a close eye on the market, sell my position and start to accumulate shorts waiting until a strong bearish impulse that occurs after 25 or so days. then I will hold a short for a good chunk of time because I believe we will see selling like never before but that's just pure speculation at this point.
to predict targets with higher accuracy gauge momentum and sentiment at the key resistances one coming up soon is the .382. seeing how we react to that level will tell us a lot and the same goes for the .5, of we are at the .5 by the allotted time than ill sell if we get there early that's a good sign and I will hold. Also keeping a look at litecoin it seems to lead bitcoin in its moves and is a good pre-indication of momentum change.
~Think For Yourself
every upward correction in this bear market has come up to the .5 to .68 region and I expect the same here.
every correction has lasted around 27 or so days.
Im currently long and will not think to sell without strong reason until we get to 25ish days since we hit the low. At that point, I will be keeping a close eye on the market, sell my position and start to accumulate shorts waiting until a strong bearish impulse that occurs after 25 or so days. then I will hold a short for a good chunk of time because I believe we will see selling like never before but that's just pure speculation at this point.
to predict targets with higher accuracy gauge momentum and sentiment at the key resistances one coming up soon is the .382. seeing how we react to that level will tell us a lot and the same goes for the .5, of we are at the .5 by the allotted time than ill sell if we get there early that's a good sign and I will hold. Also keeping a look at litecoin it seems to lead bitcoin in its moves and is a good pre-indication of momentum change.
~Think For Yourself
Note
seems like a good time to buy between now and the next few daysPretty confident that we will see an iteration of one of these patterns below form soon
on the left I have the first big bullish retrace from 17k, in that moment sentiment was still bullish as many newcomers like myself thought the dip was over and those shorting were fearful of the violent reaction and postive momentum, so we did not have any reasonable retrace in the first leg up and a small second leg . That matches the scenario drawn out in 1. RIght now we are at the point of interest on the volume profile as well as rsi support so this level could potentially hold although I think its less likely. I think instead we could see scenario 2 where we have a weaker first leg up that almost fully retraces but there arent enough bears to push markets lower so we get a large bullish impulse and a longer 2nd leg up. Its simple if we break below the poi then wait until a base is established and buy and if we rise out of this consolidation with conviction then buy into strength.
Note
the point of interest is 3.7k when the chart is zoomed out further
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