This could very well be the massive correction we all knew would inevitably come. Just a thought, but check the chart, it says it all. Also, go back and look at the 2013-2014 correction. It's a very similar fractal that could be playing out right now. If this is truly happening, I'm hoping the accumulation period for BTC wont take as long as it did after the 2013 correction (several years), and that sideways BTC movement will still be good for ALTS.
Komen
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it actually looks like we had a more complex flat correction and this fractal is probably not repeating currently. Another fractal to consider is one shown in this image. Also, if any of you are looking for really legit and in depth updates for BTC please follow Dalin_anderson. He is a wizard!
Indeed you nailed it, although I too wish you weren't right. You think the 0.236 fib will serve as a strong support? Or do you think we may continue lower at this point? I have already tried to catch the falling knife twice, and will not make any further buys until we truly bottom out and consolidate. With the stock market also seeing strong declines of late, we may be in for a broad-based bear market as we are starting to see some inflationary economic data emerge, so we may be far from bottoming out. Thoughts?
cryptomanna
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@ididntask, Sorry I'm just now getting back to this comment. Yes, I believe that the .236 should hold here. We may test it one last time, but I think if it falls to anywhere around 6k there will be a bullish wick back to the trend line. I would say that laddering in buys here at this point is a safe bet.
TheHaq
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Are saying that it will continue to decline???
cryptomanna
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@baiyaproduction1, Quite possibly. But a bounce up to 16k-ish first, before further movement down.
moldmoldmold
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@cryptomanna, well bitcoin's stability sounds healthy for alts growth doesnt it?
cryptomanna
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@moldmoldmold, Yes, absolutely. This is a healthy correction for BTC and should give some room for ALTS to shine.