We expected Bitcoin to reach the $5000. Now, we are expecting a bigger correction in Bitcoin as long as it stays below 4990.58 (Invalidation level). When it breaks 4990.58 we need to readjust our view!
We won’t be surprised when Bitcoin corrects to the 38.2% which comes at around $3200. Our Intermarket analysis is indicating currently that bitcoin has a potential to correct the $0 line, which basically means that bitcoin can correct from $0, 38.2% or more. Also, we have a intermarket divergence in our own calculated indicator below.
Obviously, we don’t know whether it makes a bigger correction or not, BUT our intermarket analysis is indicating it, so we won’t take any long position at this stage anymore, as we made good money last month.
We don’t like selling it we will be now on the sideline.
Hope that helps