I don't have any Bitcoin, but there are a lot of people wanting to know if this is the beginning of the end or a buy the dip opportunity. So here is my take and forecast for the next couple of weeks.
We are now in the middle of the correction and right at the point where it is the moment of truth. So this is either the continuation of the C wave down or we are going for one more move up to finish the B wave and then Go down for the C wave. A close below 12,820 would make a new low and close below the trend line, meaning that bears are still in control and the forecast would be the Yellow (A) Candles. A close Above 15,015 would mark a solid close above the 20MA and most likely we will get a continuation up before going down to finish the correction like the forecast shown by the Red (B) Candles.
Good Luck!
We are now in the middle of the correction and right at the point where it is the moment of truth. So this is either the continuation of the C wave down or we are going for one more move up to finish the B wave and then Go down for the C wave. A close below 12,820 would make a new low and close below the trend line, meaning that bears are still in control and the forecast would be the Yellow (A) Candles. A close Above 15,015 would mark a solid close above the 20MA and most likely we will get a continuation up before going down to finish the correction like the forecast shown by the Red (B) Candles.
Good Luck!
With the velocity of this last move, I would expect one more move down, so I wouldn't recommend buying now. The price is in a low volume area so it can move pretty quickly (We broke the 61.8 Fib line and could get to the 78.6).
If we find buyers and break the yellow trendline, I would expect 2 sided action before continuation (that would make a more complex structure).
a 45% down move since December, makes this the 7th largest down move in Bitcoin history. Recovery from the drawdowns that have been over 49% have range between 66 days and 631 days.