Study of BTC correction. potential 5k bottom
ive been staring at this chart... a LOT. I have come out of my USDT cave and started trading alts, because it seems we have another week of good trading before shit hits the fan.
While staring at this chart i realized a couple things:
1. this looks to me like a large bull flag, staying within a parallel Channel.
2. these support and resistance lines are tested multiple times then broken consistently with many points of contact.
3. we are working on elliot wave 4 which should bring us to around $13,800 from jan. 31st to Feb. 2nd before making the final descent.
4. the bottom could potentially be $5,000.... i don't think this will happen but thats what my chart says could happen. i think a realistic bottom is $8,500. thats where i will get back into BTC.
please give feedback
While staring at this chart i realized a couple things:
1. this looks to me like a large bull flag, staying within a parallel Channel.
2. these support and resistance lines are tested multiple times then broken consistently with many points of contact.
3. we are working on elliot wave 4 which should bring us to around $13,800 from jan. 31st to Feb. 2nd before making the final descent.
4. the bottom could potentially be $5,000.... i don't think this will happen but thats what my chart says could happen. i think a realistic bottom is $8,500. thats where i will get back into BTC.
please give feedback
כתב ויתור
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