BTCUSD correction time?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Here is my view on the current chart of BTCUSD .

The price has moved and impressive 340% on the EW 3 since the end of November and the time for a correction is fast approaching. The fibonacci extension does have more room to go to $50k but with an excessive MACD way higher than 2017 and also a very high RSI , such a push may seem improbable. If history repeats itself in every bull market BTC has always used the 21 EMEA on the weekly chart as the base. Therefore we may see a price retracement of 35% - 40% around the $20 $ - 21$ region. Many will scream and shout that is not possible as we will never even see $25k ever again but whatever goes up must come down and corrections are healthy in such a market where the price seems to have gone up parabolic. The market sentiment is also very bullish and the Fear and Greed index is at 93 indicating extreem Greed which usually is a strong signal that a correction is close. https://alternative.me/crypto/fear-and-g...

I will place some buy orders around the target area as I will then expect a continuation of the bull trend with the last EW5 from April-May onwards.

Good luck


Is it possible 340%???
+1 Reply
@Karzon, If you're looking from the September lows you're currently around 337% up. If you'll be taking the March lows that over 1000%.
Here is a quick update on the current price action.

BTC has started the correction, dragging the rest of the crypto market with it. So far the correction has only been a mere 27.9% but I would expect to see further downward pressure. The first corrective wave A is usually shallow, and it is usually followed by an up B wave creating the impression the price will recover. The last EW C is usually deeper as on the lower time frames that is formed by a 5 wave corrective move. As the market sentiment is still very bullish the last corrective wave C will be bought pretty fast. Therefore, the buy order should be placed around $21800 - $22800 mark. Time wise, I am not yet sure how things will unfold but once we have a confirmation of the wave A and B to be completed, we could make a more informed decisions. In a similar stage back in 2017 the correction took about 5 weeks to complete but it is possible to only have 2-3 weeks this time as everything in this cycle seems to be accelerating. Good luck!

btcdigital cbistriceanu
@cbistriceanu So regarding your analysis & as BTC/USD is around 35k the pattern is 99% going down directly to 22k?
cbistriceanu cbistriceanu
@btcdigital Historically, corrections do take about 4-5 weeks. There are no guarantees the price of $22k will be hit if the buying power is too strong. From a technical perspective, the 21 EMA on the weekly is what I am focusing on in my analysis, as that is the support zone for all of the previous bull markets corrections. We cannot discount a drop to only $23-$24k and then see the price being pushed quickly further up.
+1 Reply
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