Now that it is clear that we are continuing in the bearish channel, I've discovered a new fib circle set based on the time frame of August 5th to September 23rd, 2019 that could give us possible targets as the correction continues. There are many who still cling to the idea that BTC will immediately bounce out of this trend and move bullish, but the evidence for this is lacking. My attention is on the 3.618 ring of the new fib circle set, and this might be the next level that we reach before possibly moving downward again.
Below this fib circle set is the Big Blue 2.618 that intersects the lower boundary of the parallel trading channel that we've been watching for the past several weeks. Call it a coincidence if you may, but take note that the intersection happens at a price around $5400 BTC. I think we have a serious chance of hitting this level before the correction is over. Looking back, the major correction that took place in November of 2018 was twice as deep compared to what we have already experienced, so it would not be a complete surprise if we continue the bearish trend all the way to $5400. But that doesn't mean the correction will end at that point.
The longer this bear market takes to run its course will only solidify a clear scenario for the next major bull run. As I have mentioned several times before, we have never cut the market phases short since the inception of BTC. We are still in the early stages of cryptocurrency, far from adoption. When you consider the big picture, this is good news for Bitcoin in the long run.
Not financial advice, entertainment purposes only.
Carlton Flowers
The CryptoPro
Below this fib circle set is the Big Blue 2.618 that intersects the lower boundary of the parallel trading channel that we've been watching for the past several weeks. Call it a coincidence if you may, but take note that the intersection happens at a price around $5400 BTC. I think we have a serious chance of hitting this level before the correction is over. Looking back, the major correction that took place in November of 2018 was twice as deep compared to what we have already experienced, so it would not be a complete surprise if we continue the bearish trend all the way to $5400. But that doesn't mean the correction will end at that point.
The longer this bear market takes to run its course will only solidify a clear scenario for the next major bull run. As I have mentioned several times before, we have never cut the market phases short since the inception of BTC. We are still in the early stages of cryptocurrency, far from adoption. When you consider the big picture, this is good news for Bitcoin in the long run.
Not financial advice, entertainment purposes only.
Carlton Flowers
The CryptoPro