Some weeks ago, BTC encountered the rejection that seemed quite likely after we had similar movements in the past. With the strong correction yesterday which was basically a flash crash, I think it is quite safe to say that the anticipated macro correction has been confirmed.
Let's have another look back at what we were saying: After the breakout from the high 20s, there was news about amazon and cryptos again. I think this contributed in the rally we saw thus far (hence the "Bezos" rally). Together with some other factors, this led me to speculate that we were in for a possible bigger correction still.
The "quadruple" resistance that was necessary for this macro scenario to play out has so far held:
We then identified a possible pattern of "threes" which led to this prediction:
We also speculated about a possible fourth wave which has now been confirmed. I think this concludes the "B" wave in the ABC correction bringing us most likely back to 30k, if not the 23k price range. This would be a perfectly healthy correction. There is nothing bearish in that sense as we should be heading back to this level before heading into the late and final phase of this bull market in 2022.
I would expect a zigzag movement continuing downward from here on. However if so, this is a great buying opportunity. Just make sure that you don't go all in too soon. This bigger correction will probably last for several weeks if not months. I am still expecting the late bull run to start at the end of this year and last until the middle of 2022.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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