Crypto Analysis | BTC How low will it go?
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:
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:
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!
Thanks for sharing!
This is opposite to other people who say that it’s going up! But today, it’s been dragged down again.