Hi! I'm hardboiled from korea. This scenario is about possible correction. If there's no correction, traders expect to go up to 12.5k.
In case of correction, possible stop point is 9.5k. first stop point is likely to be 10.3k
It could go higher and probably few hours from now will be bullish.
The rally from 6k from almost 12k was so amazing. it's almost 100% increase so I think healthy pullback is inevitable even if we are heading to 15k 17k level or more in the future.
So in my opinion, for traders who are planning to buy BTC, this is not really good spot. you'll probably buy cheaper if you wait day 3~4 days or so.
Remember this is just possible one scenario and more move to upside is possible since there is good news about BTC lately!
Thank you and have my blessing
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This scenario came from the history! after big correction, BTC didn't break major downward trend line at first try! there was a pullback to some level and then the rally continues. this is just big fractal version of previous example because BTC price has grown, so the tempo of the market have to be slowed down.
you can cross validate this scenario with EW theory! 5 wave from the 6k to 12k, 3 wave down to 9.5k.
I'm hoping to see 15k after the correction!
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Alt chart can be seen as indicator for BTC chart. Although uptrend channel support of BTC isn't broken yet, it's highly likely to be broken. Chart above is BCH chart. If BTC is still on way to 13k in short term, BCH is going to go up too. but as you can see, BCH to continue upside is not likely. so that means BTC won't go up either. Some can say it can't be seen that way, but instead of thinking indivdual chart, thinking whole picture with other altcoin charts really helps and work good for me. After correction, BTC is likely to go above!
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OMG correction is too steep forget about 9.5k. I have to rethink target between 0.5~0.618
I think you should check your projection, given that that happens the projection leads to 3300 usd and not at the level you indicate, remember that now there are new supports as there are new resistances to go through
hardboiled
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@RodrigoGarreton, thanks for comment! I didn't mention about 3.3k the green line is only to show steepness of the correction which is parrarell with previous correction! I'm suggesting correction stop at around 9.5k
RodrigoGarreton
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@hardboiled, I understand what I say, but technically, it is too dangerous if the market is heading towards 9.5 since I could cross it directly to 3.3k which is in itself the real support of btc, I am not saying that this projection is wrong, I think correct, but also very dangerous
hardboiled
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@RodrigoGarreton, thanks for comment! I'm hoping BTC to rise when it hit 9.5k and retest the downward trendline and finally break it. G20 FUD will come in to play in the future so I'm hoping price recover around 15k so even when FUD comes, price don't go to 5k level because it will damage whole crypto market. can you tell me why 3.3k is the real support? is it related with mining cost?
RodrigoGarreton
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@hardboiled, It is not the support established on 05/08/2017 and confirmed on 09/14/2017 which develops a historical trend line which also respect in the last fall in 6k, is my humble opinion, I may be wrong