I want to say bottoms in but really can't, all prior corrections have corrected around 84-86%. Now that doesn't mean 77% correction isn't possible as this is BTC and anything is possible. But seems like there is much confluence around $10,000 and a push here to 25K would need to keep running in order to invalidate my analysis. Seems more probable that $24-26K holds the B wave move and we get a final nuke to $10,000 to finish up this part of the correction. Looking at weekly, 3D stoch rsi and we see that BTC has hit overbought while struggling to break 22k and flip 20K into support. Monthly stoch rsi very oversold, but the longer is remains oversold the weaker the move up into overbought can be. But I think while BTC stays flat to up and finishes working out the Wave B here that many altcoins can pump. So for now jury is out on bottoms in callers IMO.
You see it very well, mate! Perfect and smart, because while many have FOMO and are impulsive, the real key is patience! Still too many excited traders thinking and dreaming of +100k and end of bear market!
How can we have a bull market with the current macroeconomic situation and escalating ware between the world's largest nuclear power (Russia) against the West. Both will not give up, and so this cannot end well. Either way, buying at 10k. is better than buying at 23k. and then just hoping things work out! With the ongoing escalation of the war, we may see even lower targets.
InvestMate
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I appreciate the time put into the analysis
Albert-Koka
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100% bro
averkie_skila
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Hi Mike. Thank you for at least reminding people about the 85%. I used to post such an idea too.
Big_Mike716
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@averkieskila, yea, hard to ignore this truth
averkie_skila
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@Big_Mike716, Characteristically, a correction of ~85% from the current ATH brings the price to around $10000.
I don't know , man... looks done. Sure anything is possible, but... 1. If is 3-3-5 structure from 64k (have a invalidation price at 14K) stil possible =ATH in 2023 2. maybe it's start of new 4y cycle( as time fit perfect for this narative, = new ATH in 2.5 y -> 3 y ). 3. If it's 69K the top of 5, now we have 5 wave down = wave A ... so I look how price move in 0.5 -> 0.618 retrace of A for B. AND i agree with you about 25k area will confirm what i think and weekle structure change.
How can we have a bull market with the current macroeconomic situation and escalating ware between the world's largest nuclear power (Russia) against the West. Both will not give up, and so this cannot end well. Either way, buying at 10k. is better than buying at 23k. and then just hoping things work out! With the ongoing escalation of the war, we may see even lower targets.