Dear friends,
Is this the end of Bitcoin? No - it's just what markets do when parabolic trend is violated (e.g. "the bubble"): They correct.
There are several scenarios and indications that point to the bottom of this correction. Today, I am not going to bore you with flags, Elliott Waves, Fibonaccis, colorful charts with tons of pink diagonal trendlines and yellow boxes and indicators that give you a headache - I will simply give you the fractal that we have been following closely ever since December 17, together with some important horizontal lines.
According to that fractal: We might or might not go up one more time to around 7100 - 7200, and from there it's down to 5000, up to 6300 and then finally down to 3129 (85% retracement) where we should find our bottom for this year.
(However, I will NOT be buying this price - I will wait for volatility to slowly drain out, and then it will be safe for me to buy.)
Please note: Don't look at the timeframe - anything between May and June is possible. There is also slight possibility that we might already bottom out at 5000. Given the current sentiment [(SHEER PANIC!), I find this highly unlikely, but I just want to point it out.
Is this the end of Bitcoin? No - it's just what markets do when parabolic trend is violated (e.g. "the bubble"): They correct.
There are several scenarios and indications that point to the bottom of this correction. Today, I am not going to bore you with flags, Elliott Waves, Fibonaccis, colorful charts with tons of pink diagonal trendlines and yellow boxes and indicators that give you a headache - I will simply give you the fractal that we have been following closely ever since December 17, together with some important horizontal lines.
According to that fractal: We might or might not go up one more time to around 7100 - 7200, and from there it's down to 5000, up to 6300 and then finally down to 3129 (85% retracement) where we should find our bottom for this year.
(However, I will NOT be buying this price - I will wait for volatility to slowly drain out, and then it will be safe for me to buy.)
Please note: Don't look at the timeframe - anything between May and June is possible. There is also slight possibility that we might already bottom out at 5000. Given the current sentiment [(SHEER PANIC!), I find this highly unlikely, but I just want to point it out.