'Short' winded opinion on BTC's price movements (12:21 am UTC)

I'd like to share my thoughts after watching the most recent Altcoin Buzz video (released 1h ago).

Firstly I'd like to say this is not investment advice.

Recently we have seen volatile price movements to the downside and I personally believe we are due for more. If you peruse my chart below it appears that on the hourly timescale that BTC/USDT is following a Flat (3,3,5) correction with the last 3 wave of the cycle due to hit in approximately 3-6 hours from now. It appears that downside movements could hit a approx where the star is below and rest on the 0.382 Fibonacci retracement line.

It boggles me how these trends appear to recur time and time again. I believe the recent outbursts in media activity have a lot of people sitting keen on the sidelines waiting for a buy opportunity and it is very likely we will fall lower than this point in the near term.

I'd also like to add that I am very bullish on BTC in the long term. As stated by Brock Pierce in the video below, we are "living in exponential times". The uptake of information is happening more rapidly than ever before and if anything "we are too early" - don't get FOMO. The price movements we are seeing are diverging from traditional technical and fundamental analysis and have crossed into behavioral finance territory. For those of you who share the same bullish long term outlook as me, these price movements are comforting in the sense that we are having a healthy correction prior to entering 2018.

Another interesting trend I have been witnessing during this downturn is Bitcoins divergence from being the majority coin. At the time of posting it holds 48.5% dominance, down from 50.5%~ approx 10 hours ago. However, the market cap has not reduced significantly (-$8b in the same timeframe) (www.coinmarketcap.com). It appears that people truly believe in the crypto revolution and feel more comfortable diversifying their crypto portfolio and giving these other underdogs a shot.

Feel free to share your thoughts and additional supporting or opposing information. Hope you enjoyed my mind dump :)