Over the course of my brief time away, the Cryptocurrency markets have entered a great divide. Bearish sentiment & panic runs rampant among one side, while the other remains headstrong & calm that we are simply in a corrective phase of a much larger bull market. This is the first true correction that we have seen in Bitcoin this entire run up - so the appearance of, what is likely only a temporary, shift in tides causing panic among emotional investors should not have come as a surprise.
However, structurally, Bitcoin remains very much on the Bullish side of this divide. This correction has corresponded almost perfectly with my long term analysis which I shared nearly 5 months ago, back in January. Although I prematurely measured the top of the Macro 3 wave, the structure remains perfectly intact.
As the structure has further developed over the last 5 months, I have been able to make adjustments in correspondence to that development. s3.tradingview.com/s...shots/u/umKf1JWf.png
Measuring the current structure, I have been able to more accurately narrow down my primary targets for the completion of this correction. Based on how rapidly this is developing, I have narrowed the time window as well, for the completion of the macro structure.
s3.tradingview.com/s...shots/x/xcwN4cao.png
For the completion of the current wave, Macro 4th wave, my initial primary target is roughly $29,066. If we continue to break down below this target, I will begin to look towards roughly $25,700 as my secondary primary target.
Within this window, based on the micro structure on shorter time frames, I also have a range of potential targets to watch for possible reactions.
#1: $30,626
#2: $28,302
#3: $26,594
Following this, I have updated the range for the Macro 5th wave to include the 2.618 @ $183,461. This target would lean heavily Bullish. But generally, when there is an extended 3rd wave, the 5th wave becomes extended as well. Thus opening the door for even higher targets at the completion of the Macro structure.
In short, my bias remains very Bullish on Bitcoin. Structurally, Bitcoin is facilitating that bias. Buy the dip.
However, structurally, Bitcoin remains very much on the Bullish side of this divide. This correction has corresponded almost perfectly with my long term analysis which I shared nearly 5 months ago, back in January. Although I prematurely measured the top of the Macro 3 wave, the structure remains perfectly intact.
As the structure has further developed over the last 5 months, I have been able to make adjustments in correspondence to that development. s3.tradingview.com/s...shots/u/umKf1JWf.png
Measuring the current structure, I have been able to more accurately narrow down my primary targets for the completion of this correction. Based on how rapidly this is developing, I have narrowed the time window as well, for the completion of the macro structure.
s3.tradingview.com/s...shots/x/xcwN4cao.png
For the completion of the current wave, Macro 4th wave, my initial primary target is roughly $29,066. If we continue to break down below this target, I will begin to look towards roughly $25,700 as my secondary primary target.
Within this window, based on the micro structure on shorter time frames, I also have a range of potential targets to watch for possible reactions.
#1: $30,626
#2: $28,302
#3: $26,594
Following this, I have updated the range for the Macro 5th wave to include the 2.618 @ $183,461. This target would lean heavily Bullish. But generally, when there is an extended 3rd wave, the 5th wave becomes extended as well. Thus opening the door for even higher targets at the completion of the Macro structure.
In short, my bias remains very Bullish on Bitcoin. Structurally, Bitcoin is facilitating that bias. Buy the dip.
