BTC/USD When will the bloodbath end? Here's two idea's.
Not what most people want to see. (Note that I'm still learning how these things work). Yet the data all points in one direction.. down. At least for a little bit longer. Using Elliots wave theory we have definitely done the A,B portion of the ABC correction, the question is "how low do we go?" for the "C" portion?. I have two boxes marked out.
The first one is a good candidate with RSI level and MACD showing support of an upturn here shortly, but I have to note that strictly based off elliots wave theory we haven't dropped enough at those levels. Further note it is possible for us to see an extended 5 wave pattern in the "C" corrective wave which means we will drop further.
My second box drawn is a SUPER MAJOR support line AND elliots wave theory lines up. This is where I would feel most comfortable buying in. If we break this year long support... well then bad days are coming. (I do not foresee this happening yet I always consider every possibility)
Overall, short-term BTC -16.50% is going to keep dropping, long-term HODL that shit.
The first one is a good candidate with RSI level and MACD showing support of an upturn here shortly, but I have to note that strictly based off elliots wave theory we haven't dropped enough at those levels. Further note it is possible for us to see an extended 5 wave pattern in the "C" corrective wave which means we will drop further.
My second box drawn is a SUPER MAJOR support line AND elliots wave theory lines up. This is where I would feel most comfortable buying in. If we break this year long support... well then bad days are coming. (I do not foresee this happening yet I always consider every possibility)
Overall, short-term BTC -16.50% is going to keep dropping, long-term HODL that shit.
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