You are viewing a single comment's thread from:
RE: Bitcoin (BTC) Morning Update: The Sellers Are Weakening!!
BTC Correction not over yet. Reversion to the mean required. Likely 10,000 area depending on time of correction. More here:
https://steemit.com/btc/@bodaggin/btc-correction-not-over-yet-reversion-to-mean-required
Great observation from my experience in the stockmarket and seems to carryover for cryptos. Thanks for sharing.
On the daily BTC charts it looks like there is another up wave and a down wave still to develop, The finalwave would take BTC below $10,000.
https://www.tradingview.com/chart/XivohC7n/
Appone I suspect we just completed wave 3 of the C wave down. I don't have the sub-waves drawn in here but picture 5 waves down within C. A slight bounce up in 4, then finish down in 5 satisfying Elliott Wave and Reversion to Mean models.
Then potentially rally. But I'm cautious. Aside from TA this crypto world still satisfies many criteria for a valid bubble. Possibly that burst occurs over this next phase potential rally. Use extreme caution here. Bullishness is excessive which often means downside risk.