People freak out watching most if - not all of the cryptos being in a selloff, retracing to lower levels. It's not a common secret that everything it moves into a chart, it NEVER moves into straight lines. It will definitely change direction for any reason but it will still keep heading towards its initial destination. In financial markets, this may be a little subjective but there is where technical analysis comes into play to make things as clear as possible for us to take our decisions.
Enough said, let's have a look into BItcoin's chart and see why the "End Of Cryptoworld" has not come yet :) After a crazy rally to the upside, almost reaching $20K, price in Bitcoin start retracing developing a corrective structure. If we take a closer look, what we may see is that it's price cycles are phenomenally related between them with fractal nature being present at its finest.
The first move from ~$20K came with an impulsive move till the $10,400 where price started climbing again making a smaller correction after the impulse to the down. After that... a new impulse to the down with the same range as the previous one. Now price is in a smaller correction to the upside. We still don't know where it will end, or if it will keep heading to higher levels. But very soon it will reach the upper parallel of a valid slope downsloping Schiff median line, which stands at a resistance level, giving us the exact same correction as the previous one (~65%).
I truly believe that in case price reaches the parallel, it will reverse for a final third impulse to the down. If we assume that it will be at the same range as the two previous ones, the final third impulse will reach the $7,5K KEY BUY ZONE, where any buy setup completion will give us the chance to join a new rocket for a level much higher than previous all-time high ~$20K. Till then it may take some time, but we have a clear plan what we may expect and be ready for things to happen.
Don't rely on people's opinion about your financial decisions..! These are all subjective based on what they believe. Bill Gates believes Bitcoin will reach $500K, while Warren Buffet believes it will have a bad end. Now, try to invest your money based on that..! I am not saying that fundamentals aren't helpful, but you better keep them as an overall feeling about what we may expect. Digging into a price chart and trying to identify patterns, and specific structure is what you most of the time do. Afterall everything is being said or done in the world related to a financial market it reflects into a chart.
To me, Bitcoin is in a bigger correction, and when this ends it will give us another impulse way above $20K. I don't know what it will cause it but I will watch into the chart to find that sweet buy opportunity to join the rally. Adding proper money management I will protect my investment in case I am wrong, I will look further for another opportunity based on TA.
All the best,
John
Enough said, let's have a look into BItcoin's chart and see why the "End Of Cryptoworld" has not come yet :) After a crazy rally to the upside, almost reaching $20K, price in Bitcoin start retracing developing a corrective structure. If we take a closer look, what we may see is that it's price cycles are phenomenally related between them with fractal nature being present at its finest.
The first move from ~$20K came with an impulsive move till the $10,400 where price started climbing again making a smaller correction after the impulse to the down. After that... a new impulse to the down with the same range as the previous one. Now price is in a smaller correction to the upside. We still don't know where it will end, or if it will keep heading to higher levels. But very soon it will reach the upper parallel of a valid slope downsloping Schiff median line, which stands at a resistance level, giving us the exact same correction as the previous one (~65%).
I truly believe that in case price reaches the parallel, it will reverse for a final third impulse to the down. If we assume that it will be at the same range as the two previous ones, the final third impulse will reach the $7,5K KEY BUY ZONE, where any buy setup completion will give us the chance to join a new rocket for a level much higher than previous all-time high ~$20K. Till then it may take some time, but we have a clear plan what we may expect and be ready for things to happen.
Don't rely on people's opinion about your financial decisions..! These are all subjective based on what they believe. Bill Gates believes Bitcoin will reach $500K, while Warren Buffet believes it will have a bad end. Now, try to invest your money based on that..! I am not saying that fundamentals aren't helpful, but you better keep them as an overall feeling about what we may expect. Digging into a price chart and trying to identify patterns, and specific structure is what you most of the time do. Afterall everything is being said or done in the world related to a financial market it reflects into a chart.
To me, Bitcoin is in a bigger correction, and when this ends it will give us another impulse way above $20K. I don't know what it will cause it but I will watch into the chart to find that sweet buy opportunity to join the rally. Adding proper money management I will protect my investment in case I am wrong, I will look further for another opportunity based on TA.
All the best,
John