About time we had a correction.It’s been a while since I’ve posted anything, like anyone, life gets hectic. But I’ve managed to still keep my eye on things. We’ve had some MASSIVE gains with BTC, moving 181% from its lows in Dec.
Now’s probably the time to take a step back and re-evaluate. As we can see, BTC went full parabolic, making it all the way up to around $8,300, a quick sell off to $6,800 before going again to $9,000. Since then, BTC seems to have lost its momentum, as we are now hovering around the $8,500 area. As shown, it has broken through the parabola with the tip of the climb forming a rising wedge (shown in blue). RSI has broken through support (yellow line) and MACD also seems to be making a move downwards. Screenshots in updates.
As the old adage goes, “What goes up, must come down” and after Bitcoin’s massive run, I believe we’re overdue for a move down, in a BIG WAY! I believe BTC will drop down to at LEAST the $6,500-$6,600 area, with even a test of the $5,800 area if we have a lot of panic sellers.
As anyone trying to help others out, this is not financial advice, only my opinions. Always DYOR and play with what you’re willing to lose. Trade safe everyone!
