Crypto Analysis | BTC How low will it go?

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Good day Hiveians!

Join me in analyzing the crypto markets!

 

You might remember my post: The Bull Run has Started from some weeks ago

While I still think that we are on this track, I also pointed out that there will be corrections along the way. As we are just in the middle of one, a reasonable question to ask is how low will this one go?

First lets have a look at the current chart:

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I would like to point out the two red ovals seen in the chart: I think the former is a fractal of the latter. In other words, this fractal has 3 distinct peaks which are only more broadly repeated in the current fractal. A confirmation of this will be evident once a similar pattern emerges as seen in the black line. If this occurs, there is a strong chance of a bigger correction. But as we are in a bullish phase (at large) this correction will very likely not be "too bad". How "bad"?

Lets have a look here:

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You can see a fibonacci channel lain over this chart which shows a ratio of 0.618 (green - turquoise transition) which I think could be the low point of a possible bigger correction. The fibonacci ratios are quite could at predicting possible highs and lows of a movement and this already helped in anticipating the March 2020 correction (see my posts from back then).

However, as this is only a possible (yet also in my opinion very likely scenario) I would be cautious of overconfidence for catching the lowest lows as this almost never happens. Good buying opportunities might be found at 10k, 9k and mid 8k levels.

 


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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Thanks for sharing!
This is opposite to other people who say that it’s going up! But today, it’s been dragged down again.

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