We know this is an unpopular opinion BUT technically, Bitcoin is ripe for a move to the downside.
On the monthly chart, we can see that we've completed a major wave 1 impulse and now we're in a wave 2 correction. We're looking for one more move down to complete this wave 2.
See monthly chart below:
It looks as if we're making a 535 correction and therefore, we believe we'll be moving towards the 20k region to complete wave C.
Please note that we are still bullish on Bitcoin, as well as Crypto. We're looking for any buying opportunities to hold for the long term!
We'll be loading up for the long term anywhere below 20k region.
It takes courage to be a contrarian to popular belief, but providing a different perspective is a healthy consideration. Thanks for sharing, we have selected this for Editors' Picks.
see my post about corection to 30k and then 1million+
citsvar
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@arvine11, 30k and 1mil cant both happen. Chose one smh..
unbeldi
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@TradingView Being a contrarian is good when the view is based on sound technical analysis. But bad TA should not be promoted. You recognize a poor EWT counter when they don’t even obey the basics, such as plotting on a semi-log chart.
JueWang
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@unbeldi, I think they promote technical analysis based on whether the chart is beautiful, not based on whether it is sound.
@unbeldi ok, sorry that example I got wrong, this too chart is log.
Hadi_Neo
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@TradingView Beginning Public participation extra These 3 principles are always observed Many times in the financial markets, when the third option occurs, observe a principle Do not make herd movements (In the final wave of surplus participation, optimists talk a lot, (glen).)
Thanks for sharing, we have selected this for Editors' Picks.