The long-awaited correction of Bitcoin. At what level to buy?
Earning a high rating in the Russian thread, I've decided to share analysis in English language. I will be glad to discuss and review!
Good evening, dear subscribers! My expectations published in the telegram channel, were confirmed. The fifth wave, which developed in the phase of the strongest overbought BTC . Despite on the fact that upcoming BTG fork was sluggish and hard to overcome peak of third wave, it will not reach the upper border of the Elliott channel.
Fundamentally, due to fork bitcoin gold and overbought will be the highest outflow of capital and soon we will see a reduction in the capitalization of the flagship and all alternative currencies. Due to the lack of necessary for healthy growth of corrections and passion of investors a rising wave model was completed faster than as usual, and if the candle of the weekly chart closes above overbought on Bollinger bands (below $6167), then Bitcoin will go into a deep floating week with moving average which currently is at $3800 and will grow by $ 100 every 7 days.
Thus, the longer the correction is, the higher it will end. I am sure that soon the huge amount of news of negative character will shake the community a in the style of the Chinese September crisis.
The volumes on small time frames dominate the fall, which also indicates a change of trend to bearish. Divergence in growth is present.
Confidence in the end correction at the level of 4600-4000 adds the proximity of the Golden section and the level at 0.618 Fibonacci retracement of the entire wave model and the fifth wave.
If you follow the indicator of the relevant amount, structure correction in case of realization of the classical zigzag will look approximately as shown in the chart, however, the type of correction cannot be predicted and will depend on fundamental factors.
Area purchase the asset in the long term noted on the chart.
Success, my friends! Your likes and subscriptions will be the best reward for hard work ;)
Good evening, dear subscribers! My expectations published in the telegram channel, were confirmed. The fifth wave, which developed in the phase of the strongest overbought BTC . Despite on the fact that upcoming BTG fork was sluggish and hard to overcome peak of third wave, it will not reach the upper border of the Elliott channel.
Fundamentally, due to fork bitcoin gold and overbought will be the highest outflow of capital and soon we will see a reduction in the capitalization of the flagship and all alternative currencies. Due to the lack of necessary for healthy growth of corrections and passion of investors a rising wave model was completed faster than as usual, and if the candle of the weekly chart closes above overbought on Bollinger bands (below $6167), then Bitcoin will go into a deep floating week with moving average which currently is at $3800 and will grow by $ 100 every 7 days.
Thus, the longer the correction is, the higher it will end. I am sure that soon the huge amount of news of negative character will shake the community a in the style of the Chinese September crisis.
The volumes on small time frames dominate the fall, which also indicates a change of trend to bearish. Divergence in growth is present.
Confidence in the end correction at the level of 4600-4000 adds the proximity of the Golden section and the level at 0.618 Fibonacci retracement of the entire wave model and the fifth wave.
If you follow the indicator of the relevant amount, structure correction in case of realization of the classical zigzag will look approximately as shown in the chart, however, the type of correction cannot be predicted and will depend on fundamental factors.
Area purchase the asset in the long term noted on the chart.
Success, my friends! Your likes and subscriptions will be the best reward for hard work ;)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.