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% Fibonacci retracement 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
Cheers
Komen
⋅
BTC/USD is going like expected
Komen
⋅
Komen
⋅
we still expect more downside. Keep in mind that we are believing that bitcoin is in a daily correction
Komen
⋅
it broke the wedge formation, it should continue lower, but we dont like selling it!
Komen
⋅
I told you guys to be careful, see we were right, bitcoin is dropping very hard:
Komen
⋅
We are very accurate on this one! You shouldnt be surprised!!
@ilia19, We dont trade it to the downside, and could you please repeat your question again, i didnt understand it.
ilia19
⋅
@secrets2trade, Last screenshot. We already over 4610,when how soon down?
secrets2trade
⋅
@ilia19, Our inflection area goes from $4610 to $4850 it can turn in this area, but it is not a sell. Bitcoin can also go above all time high again. We said: "When it breaks 4990.58 we need to readjust our view!" So anything can happen at the moment.