trident_71

Long Term - How will imminent BTCUSD correction look like?

BITSTAMP:BTCUSD   Bitcoin
So we are close to finish our bear nightmare. It's going to happen in 1-3 months in case we won't get any structure deviations. Thus bitcoin suggests us many ways of future price movement but I would like to consider this one. That's one of the most frequent ways of pullback after such bearish a-b-c corrections. It usually comes with some triangle crap and then it goes with a few impulse waves which are eventually supposed to reach target levels of B wave of our previous correction. In our case it's that range between 6550 USD and 11820 USD. We will have to revisit this zone to get a proper bullish correction. In my opinion we can decisively count on it in 1-year period. So prepare your money now to get at least x3 gains just holding during next year.

In a short term we are still looking for bottom zone and waiting for it to establish. According to historical chart we will need to find a firm ground for our bullish continuation. That's a tough time full of uncertainity that gets on traders' nerves.

Remember that many things have changed since last bear market and large bear corrections in bitcoin. We have absolutely different market conjuncture and many others factors to take into account than we had for instance during 2014 correction. We've got professional traders coming to this market so it gets more complicated and projecting previous price behaviour could not be the best way to understand today's market. So treat this idea just like an idea not financial advice. Thanks!
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