Crypto Analysis | BTC Bigger Correction Coming Up
Good day Hiveians!
Join me in analyzing the crypto markets!
If you are all in in the crypto market you might want to consider selling some of your assets as a mid sized correction is coming up
The confidence of this statement comes from a successful anticipation of market movements from a month ago. In this we argued that bitcoin (when it was sub 20k) could reach a high of 35k (which was then later fine tuned to about 40k). After that there would be a correction to about 25k levels. Let's have another look:
The fine tuned chart is this:
Price can still move towards the bold orange upper resistance trend line, but in my opinion there is almost no chance that prices will continue to climb once we get there. In this last part of the impulse wave sentiment for higher price levels is high, but this is also the time when we ignore the past. And the past is clear: there will be bigger corrections (no matter if the big players/institutions are now involved with bitcoin).
Since September, when price diverged from the support line prices have increased by ~300%, this corresponds to the impulse wave from before:
As you can see a large correction of over 70% ensued. While a correction of this magnitude is very unlikely, I suspect that we will have a correction of about 30-40% to about 25k levels. As you can see this could take a while as it would be at the end of next year when we would reach the support line at that range again. However, it could also mean that a bigger correction could happen: e.g., a flash crash to about 17k in spring followed by a quick recovery.
While I am not sure as to how a correction will unfold exactly, I am convinced that a mid sized one will occur starting as soon as January 2021.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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https://twitter.com/Bhattg18/status/1346755029894500352
Wouldn't be nice some of that cash to pour on alts? Some haven't partied like BTC's done laltely.
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indeed!
It's a great time to be in quality Alts like #Litcoin, #Cardano, #DigiByte, and #HIVE, of course. Historically they have done very well when BTC consolidates/corrects.
Nice channel work!
P.S. Don't forget the #HiveIsThePlace hashtag when tweeting! :-)
I hope so as well, My eye is personally on Ethereum.
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-eths-bullish-potential
The short term channel is still very much in play. First we fall back inside the channel, then we rally, then we break the lower channel boundary and zigzag test your mid-range support, and then rally again, rinse and repeat several times and establish a new accumulation zone before launching again, say, in May? What do you think? With quality Alts rallying hard during that whole time? Sound plausible to you? It's what I've pegged on my BB anyway. 🙂
sounds like a likely scenario! A rally for alts should be very individual, depending on the coin. I think e.g. Hive has a floor of 10 cents now and ETH will probably not drop further than ~850, from then on I think it will actually go all the way up to 4,000
What I see on the shorter time frame (also log chart).
I think the money is moving to altcoins because Bitcoin is getting overextended. I believe we'll have an altcoin cycle and then a nice long correction to 25k, as you showed.
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would be fine with me :D
Thanks for delegation man! :D