BTCUSD
24 hours ago, there was a tendency for bullish behavior. In some cases, the BTC price broke past traders trend line and a number of people took the bait. I believe this to be a premature move to stake brand new long investments on BTC especially after the announcement by the Chinese that crypto-exchange heads could not leave the country to continue their business elsewhere as they help in on-going investigations. Progress over the next 9 days will determine how much panic and/or calm the crypto markets will experience as Chinese exchanges officially close and China's BTC market cap drops toward 0%.
That being said, prior investments made into BTC, especially if bought during the dip, will make significant profits after the next price correction.
Potential buy opportunity on its' way but don't quote me on that. I do have Buy orders set to execute between $3500 & $2900 and wouldn't I be excited if those orders get filled.
According to the chart listed above, we can see that BTC price is currently holding steady (found support) at a retracement level of 0.618 and the current wave signals a downturn before price correction again. The last correction found support at a retracement level of 0.382 before breaking past the 0.618 retracement level to find support within the golden ratio.
The current downturn could be major or could very well be a small hiccup on the path to profits for some of you. I will be watching the charts and will make adjustments to my prediction if need be.
Please note that my views are not to be considered trading advice or knowledge. My thoughts on this matter are exactly that, thoughts. I will not be held liable for losses on your part after your decision to follow what I have mentioned here. That being said, Thank you for reading my perspective. Leave your thoughts below.
Comment:
12 hours later we're looking at a significant downturn in price, breaking below the 0.618 retracement level hitting a low of $3661 indicating a potential decline further past the 0.5 retracement level to find support at the 0.382 retracement level, similar to the last correction at .
