Bitcoin Price Technical Analysis

steem4crypto (25)in #steem4crypto • 7 years ago

Why it’s very likely that we could / should see a 4kish correction.
This is simply a super cycle correction from wave 1-2. The only thing that would make this argument invalid is if 20k is not the top of wave 1 on the Supercycle scale, which is a slim possibility. If this is the case, this means the correction will be worse later, and BTC is experiencing unnatural and unstable volatility. 20k not being the top of wave 1 is unlikely since we have already seen a 70% retracement. This correction is natural and healthy no matter the FUD that hits the news or no matter the emotions that drive the market. THIS IS NATURAL AND HEALTHY FOR ANY MARKET that is experiencing a parabolic take-off event like bitcoin is.
If you are at a big loss, or going long from this point, be prepared for the possiblity of a further retracement on the .782 near sub 4k. It will be worth it when BTC hits new ATH in wave 3 when all this blows past.

I DO NOT WANT TO SCARE YOU INTO SELLING. That is not my intention. This is actually the best buying oppertunity you will ever get. Take advantage of it, don’t let it take advantage of you.

Cycle: one year to several years (or even several decades under an Elliott Extension)
Supercycle: multi-decade (about 40–70 years)

If this logic is true, we should see BTC’s wave 3 last several years if not decades in the form of a very large long term diagonal, since wave 3’s usually take the from of a diagonal, perhaps a rising wedge more often than not.

https://www.coinigy.com/s/i/5aa4d0df83497/

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