BTC Sets up for a BIG Correction - Bitcoin! (BTC)
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Hello Friends, Traders, everyone...
This rally, has been great. I hope everyone is enjoying themselves. But, there has to be a retracement sometime. There have been several smaller time frame retracements but I have yet to see one that satisfies me on the daily/weekly.
If you take a a look at what I've got up here, it's a comparison of the 2015 bear market breakout and the recent 2019 bear market breakout. I don't have too much to say, this is pretty self explanatory. We are testing the top of the fib channel and if we don't stay above it I could see a sizeable correction for bitcoin - to the 6k area. This is becoming increasingly necessary to continue upwards...
Obviously, everyone should have taken profit from all longs already. Whether we topped or not.
On the weekly TD9 paints a bearish outlook as we approach here the 0.618 Fib Time Zone. Looking to the past we see that traditionally trend based time zones tend to indicate a reversal to their parent trend; i.e. this having been charted from the bull run of 2017 it would indicate a possible bearish turn...
I want to see a heavy pullback here before going long again...what a great trade this has been!
Sorry I've been so busy :D
Previous analyses:
This rally, has been great. I hope everyone is enjoying themselves. But, there has to be a retracement sometime. There have been several smaller time frame retracements but I have yet to see one that satisfies me on the daily/weekly.
If you take a a look at what I've got up here, it's a comparison of the 2015 bear market breakout and the recent 2019 bear market breakout. I don't have too much to say, this is pretty self explanatory. We are testing the top of the fib channel and if we don't stay above it I could see a sizeable correction for bitcoin - to the 6k area. This is becoming increasingly necessary to continue upwards...
Obviously, everyone should have taken profit from all longs already. Whether we topped or not.
On the weekly TD9 paints a bearish outlook as we approach here the 0.618 Fib Time Zone. Looking to the past we see that traditionally trend based time zones tend to indicate a reversal to their parent trend; i.e. this having been charted from the bull run of 2017 it would indicate a possible bearish turn...
I want to see a heavy pullback here before going long again...what a great trade this has been!
Sorry I've been so busy :D
Previous analyses:
Nota
I want to be clear, by no means does BTC have to retrace at any point. It simply seems, the conditions are right at this point in time for us to have one. Unfortunately, a target on any retracement is difficult to give because there are no fib patterns to use for measurement here. Put concisely, I am only comparing what happened after the last bear market ended. Also, keep in mind that the same Bitmex crew that was the force behind much of the bear market, is still alive and well. I would not put it past them to put forth, one last fakeout. All this to say, no matter how much we do or do not retrace here, I still think we are in bull market territory. If we can maintain this fib channel, maybe we can avoid such a situation. Good luck =)
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That was fast :O
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