I'm not gonna pretend to be an oracle cause technical analysis is not about predicting the future. It's a game of probabilities and I make analyses and wage my bets accordingly. So what's next for Bitcoin? Well, to be honest, it's a little uncertain cause we can take several roads from here. I will present two different correction counts that I hope will bring some clarity to your view.
I posted this a while ago and managed to nail one of the most probable correction targets at $6,800. Please check out this post if you wanna hear my thought process:
Could be a sign of reversal and continue up trend.
We might not have found a final bottom yet but I expect that we see a bounce from here to at least $7,500 area.
Due to uncertainty, I will keep my mid term view fairly neutral. Don't have enough confirmation points that this is the bottom, and therefore, I will concentrate on making short term trades.
Correction Count 1
ABC correction is done and price will go up from here.
C wave ended at 0.618 fib level which makes this correction pretty bullish because we didn't even go lower than 50% which is common for 1st waves.
Correction Count 2
ABC correction is not completed yet and we've started the B wave.
If we don't manage to go higher than $7,500 then I would make this my primary count and expect a drop down to at least $6,500.
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
