We are seeing some clear indications of bearish movements on Bitcoin. We should adjust our trades as per the trend. For now we are expecting a 5 wave correction on Bitcoin price. So, taking a short at current price could be a good trade. If you have some other ideas please share in the comments. It would help me to see different point of perspective.
FUD. Mid or before mid of 2022 is when the bull market cycle probably ends.
danishahmed
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@chapmanalex329, My trades are based on elliot waves, recent uptrend from March 2020 - april 2021 is completed for now. As for now we are facing correction in the price, With the extension of wave C in the correction pattern. We can expect a 5 wave correction instead of three. After then we can some increase in prices, can't say about when this cycle would be completed.
jorcik1
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for me its not bearmarket. its a big correction. look at the one year chart and this big head ans shoulder
danishahmed
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@jorcik1, this all depends on your trading system. After this correction I am having two biases
1. We are at the wave 2 of a bigger trend and Bitcoin prices can skyrocket after that, It would break previous highs 100K price would be easily achieveable.
2. Market is overbought, We can expect prices about sub 10k levels.
Either of these scenarios can happen. If you are a long term investor you can relax. But if you are swing trader or someone who invest not for longer terms then this trade could be profitable for you.
Mid or before mid of 2022 is when the bull market cycle probably ends.